The purpose of this paper is to describe the various attitudes of alumni towards engagement in Higher Education Institutions (HEIs) of Pakistan, based on a phenomenological study of their lived experiences. Empirical data was collected in the form of semi-structured interviews and focus group discussions with 26 alumni from eight selected public HEIs of Pakistan, which was later analysed through employing Interpretative Phenomenological Analysis (IPA). This paper highlights six superordinate themes which indicated that alumni held strong determination to engage with institutions to meet the financial sustainability challenge, provided that institutions observed adequate communication and engagement efforts with them. Theoretically, this paper extended the use of S-O-R framework in the higher education philanthropic domain where institutional engagement efforts and personal connection, coupled with emotional bonding, led to alumni engagement with institutions. In addition, this study also contextually extended the use of social exchange theory where the inclination of alumni to engage with institutions is driven by their sense of indebtedness and serving the community.