ASA alums can wear the badge as a ring or pendant - I don't think we have the circle thingy for the pendant though.
OMG the lapel debate again!! Our chapter was always told to never ever ever wear the badge on a lapel, then I go to convention and see our national ritual chair with her pin on her lapel. I never thought of it being a collegian/alum thing - I thought it was that if you are going to keep the jacket on, you can wear it on your lapel. I still don't think I ever could though, too many years of "THOU SHALT NOT" behind me.