The university years are an important life phase for academics that shapes their transition from adolescence to adulthood. Here, we aimed to contribute to a better understanding on how alumni construe both nostalgic memories and regrets about this period. In line with Self-Determination Theory, we assumed that we would find frequent references to the basic psychological needs for autonomy, competence, and relatedness within pleasant memories (need satisfaction) and unpleasant memories (need frustration). We analyzed survey data sampled from 263 bachelor alumni of a German university, who answered two open questions on pleasant and unpleasant memories about their bachelor studies. Two raters applied a sequential coding procedure to evaluate the material. We found that 62.5% of the pleasant memories and 46.9% of the unpleasant memories included notions of basic psychological needs. Furthermore, quality of teaching and study content were frequently mentioned as part of the memories. This result pattern indicates that the basic needs for autonomy, competence, and relatedness are central for the retrospective construal of alumni's time at university. It stands to debate whether need-supportive learning environments can, thus, provide optimal conditions for experiences that will linger pleasantly in the memories of university alumni.