The purpose of this study was to present a grounded theory that fills in gaps in the higher education literature on the concept of educational consumer value and perceptions that support consumer value. Specifically, this study focuses on the learning experiences of Baby Boomers (40-60 year old adults) as older adult students attending community colleges. This study examines value as a factor in the consumer behavior of these students. An understanding of Baby Boomer consumer behavior, the processes which drive this behavior, and the aging Baby Boomers' potential as continuously returning learners, could help develop programs and marketing plans for community colleges interested in attracting and retaining the Baby Boomer market. (Contains 3 figures.)