The study sought to determine the perceived level of importance and perceived level of satisfaction of college students on 16 areas of student service commonly provided in a tertiary education setting within any university as prescribed and observed by local and international standards of tertiary education. Each area was tested to determine the existence of a significant relationship between the measured response by respondents on their perceived level of importance and perceived level of satisfaction. The existence of a significant relationship between the two variables indicates that the given area of the learning environment is a major predictor towards student satisfaction. Item analysis was also performed on each area of the learning environment to determine specific indicators of student satisfaction. The results of this research serves as a benchmark to any university [with similar status as the locale of the study] in identifying particular areas of the learning environment that are crucial in determining student satisfaction and must be focus of university maintenance and development so as to achieve a learner-friendly school environment. The research was conducted with 399 students enrolled in Saint Louis University distributed in proportion to the population distribution of students in the different colleges within the said University.