Personally, I just use ``he'', unless there's no way it could be male. (``As a graduate of Bryn Mawr, he was widely desirable in the workforce'' just seems weird.)

(BTW, when I went to Yahoo to find a women's college after I remembered that Vassar has been co-ed since the '60s, I found that in their listing of 71 colleges, two are in Raleigh, not counting the other one that became a girls' prep school just a few years ago. Does that sound high to anyone else?)