Increasing competition within the Lithuanian educational market has paved the way for an analysis of the complex choice processes enrollees undergo in selecting a higher education institution. This research examines the concept of consumer value and its interpretation in the Lithuanian higher education setting. Based on data collected from 445 students of 6 state universities, this study aims to assess the differential impacts of consumer value dimensions and to examine segment-based differences by conducting discriminant analysis. The results indicate that university choice is determined by vocational rather than economic or image-related preferences. However, increasing awareness of the financial aspect is an indication of more informed choices by enrollees to secure a place at university as well as the financial constraints that individual choices impose on the decision-maker. This study contributes to the literature by highlighting the applicability of consumer value theory to the higher education sector and encourages a possible re-evaluation of marketing strategies that directly affect prospective enrollees.