* Student: This is probably the closest antonym, referring to someone currently enrolled.
* Applicant/Prospect: If you're thinking of someone who *might* become an alumnus, the opposite would be someone applying or being considered for admission.
* Faculty/Staff: If you're contrasting alumni with those who work at the institution, this would be the opposite.
The best opposite depends on what you want to contrast with the status of being a former student.