In a context of increasing competition and financial difficulties for higher education institutions, alumni loyalty is a key factor for survival and success. This study tests a model derived from a relationship marketing perspective to investigate the roles of four variables (brand image, trust, satisfaction, and shared values) in the direct and indirect explanation of alumni loyalty. Based on a literature review, a theoretical model is proposed and tested through structural equations modeling for a sample of 1000 university alumni. The results reveal three direct antecedents of alumni loyalty (satisfaction, shared values, and trust) and one indirect antecedent (university brand image). In addition, this research offers theoretical contributions related to the relationship between shared values, trust, perceived university image, and satisfaction. The research highlights how education managers can increase alumni loyalty through strategic planning and direct policies to develop satisfaction, trust, positive brand image, and shared values.