‘Student experience’ has become a popular term with higher education managers but is theoretically under‐developed. This paper conceptualises student experience as a construction from memory and advances previous discussion within the higher education sector by distinguishing between recalled academic and social experience. The results of a predominantly quantitative survey of 883 alumni indicated that recalled academic experience had greater effect on subsequent loyalty attitudes and behaviours than recalled social experience. Cluster analyses indicated that alumni having strong ties with their university were more likely over time to identify with the recalled academic experience of their university, while those with weak ties were more likely to identify with recalled social experiences. Implications for development of alumni associations are made based on targeting groups with different levels of ties with the university.