Abstrak: Penelitian ini bertujuan untuk: 1) mengetahui persepsi lulusan tentang kualitas layanan pembelajaran, brand image (citra) penyelenggara layanan, kepuasan, dan loyalitas lulusan; dan 2) menjelaskan hubungan kausalitas antara kualitas pelayanan, brand image, kepuasan lulusan, dan loyalitas lulusan. Pengumpulan data dilakukan melalui survei kepada alumni Program Pascasarjana Universitas Terbuka tahun 2011, melibatkan 108 lulusan, yang hadir pada upacara wisuda di Jakarta dalam dua kali kesempatan wisuda. Data kuesioner yang telah diisi dianalisis menggunakan analisis deskriptif berupa persentase, dan teknik analisis jalur (path analysis) untuk melihat pola hubungan kausal (model testing) antarvariabel. Hasil penelitian menunjukkan bahwa kualitas pelayanan pembelajaran dinilai sudah baik, brand image universitas dan program meyakinkan lulusan dan dikenal luas, serta alumni merasa puas dengan pengalaman pembelajaran dan memiliki loyalitas (setia) kepada institusi. Di samping itu, secara langsung maupun tidak langsung brand image dan kepuasan, mempengaruhi loyalitas. Kualitas pelayanan secara langsung tidak berpengaruh pada loyalitas, namun melalui brand image dan kepuasan lulusan, berpengaruh terhadap loyalitas lulusan. Mengingat bahwa loyalitas lulusan penting bagi keberlangsungan (sustainability) program studi, maka institusi perlu menyusun strategi mempertahankan dan meningkatkan loyalitas mahasiswa dan lulusan melalui peningkatan kualitas pelayanan dan brand image. Kata kunci:kualitas layanan, citra universitas, kepuasan lulusan, loyalitas, dan analisis jalur. Abstract: This study was multipurpose. Firstly is to describe students’ perception of learning service quality, university brand image, student satisfaction and loyalty to the institution. Secondly, this study aims to investigate the causal relationship of brand image and loyalty, and the pattern of relationship of service quality, brand image, student satisfaction and student loyalty. A survey was conducted in 2011, involving 108 graduates, who attended two occasions of the graduation day at Universitas Terbuka. The questionnaires were analyzed using descriptive statistics and path analysis to explain the interaction model among the variables. The findings indicated that in general students hold a positive perception regarding the learning service quality at the graduate study at UT, the brand image of the program, and have a high level of satisfaction of the overall learning experience. They also indicate loyalty to the institution; In addition, the findings show that brand image and student satisfaction have a direct impact on loyalty. Eventhough service quality does not directly impact student loyalty, but through brand image and student satisfaction, service quality influences student loyalty. Since institution sustainability to a certain level depends on student loyalty, education institutions will have to develop strategies to strengthen alumni and student’s loyalty. Keywords:brand image, student satisfaction, service quality, loyalty, and path analysis.