Everyone with worries like this should (re-)read http://news.ycombinator.com/item?id=908612 http://news.ycombinator.com/item?id=908612. From that comment, it so

Everyone with worries like this should (re-)read http://news.ycombinator.com/item?id=908612 http://news.ycombinator.com/item?id=908612. From that comment, it sounds like no alumnus/a will have the power to get your application tossed. In fact, it sounds like the only effect they can have is to get your application a second look, which is something you should want.