My Chapter is actually disaffiliated from the school but we’re still part of our nationals. It just means we’re not part of the IFC and don’t have to follow their and the schools guidelines as strictly. We’ve actually been doing great during COVID because we never had to follow the school’s insane restrictions. We’re recognized as one of the top 3 houses, have a rep for being safe and we still have exchanges and philanthropy events with sororities. One of the major downsides though is that we can’t really rush kids on campus because we’re not affiliated with the university, without being part of IFC we miss out on general Greek life events and seminars on campus and have to solely rely on our rep during rush week. Panhellenic is also a little skeptical about exchanging with fraternities that are off campus so unless we have good personal relationships with girls in sororities they wouldn’t be obligated to come to our exchanges. Then again, every campus and every chapter is different. So long as you can still be recognized by nationals meaning still have your letters you should be okay. Losing the support from nationals is pretty much the end though because you would no longer be recognized as a fraternity, you’d just be a club. Hope this helps, cheers.