Quality of education has been a concern for decades. Gradually it is becoming more specialised and commercialised throughout the world. In this study a sample of 400 students were taken from the five renowned private universities of Bangladesh for measuring perception toward education quality of existing students. Principle component analysis was used to measure grouping among variables indicating dimensions of education quality. Perceptions about education quality were tested as to whether they have associations with the students' characteristics of current status and socio-economic background. The findings of the study showed that both administrative and faculty characteristics jointly express quality of education to a higher extent, whereas institutional features and students' characteristics express quality of education to a moderate extent. The study also showed that perceptions toward quality of education depend on students' current status and socio-economic background. (Contains 7 tables and 2 figures.)