senior status

[Panhellpres]

I was wondering if other chapters do senior status. That is where a senior does not have to attend every meeting or event, but still pays dues.
I am starting my fourth year of sorority (came in Fall 2000) and I was not granted senior status. I am a senior in school (this is my last semester as an active member because next semester I will not be taking enough units to be active) and Panhellenic president, so I am still involved in Greek life. I just am having a really hard time with my two jobs, Panhellenic, sorority, school and my social life.
The thing that bothers me about not getting senior status, is that our advisor granted it to another member who came in Fall 2002 and has not really held any positions in the house. (I have been on executive board and held many other chair positions.)
I know that if I dropped out of sorority now, I would be given alumni status by National. Two of my pledge class sisters have already been given alumni status. Both dropped out of sorority- neither were seniors- Fall 2002 and both received letters congratulating them on being given alumni status.

How do other chapters handle senior status and who is granted it?

Thanks