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In the decade (more, actually) since LabVIEW 7.1 was released, LabVIEW has undergone many changes. If everyone around you is running LabVIEW 7.1, you may be able to read some of their VIs, but you will have great difficulty getting them to open anything that you write using LabVIEW 2015.
If sharing is important to you, see if your colleagues have the disks for LabVIEW 7.1 on the Mac.
I can no longer run LV 7.1 or 8.0 on my Mac. LV 8.2 does run on OS X 10.10 Yosemite.
You need LV 8.0 to save Vis in LV 7.1 format. Versions of LabVIEW from 8.2 and newer can save back to 8.0. I am pretty sure that this is independent of the OS.
Your best option may be to see if you can run Window XP and LV 7.1 in emulation on your Mac. Then you should be able to use the university's license and installers.
The only other option I see is to find someone at the university who has LV 8.0 on their computer and ask them to convert your VIs to 7.1.