Students have begun to show interest in adopting active and participatory roles that allow them to interact and work collaboratively with educators. One important aspect of students as partners is a process known as value co-creation. Value co-creation is the process of students' feedback, opinions, and other resources such as their intellectual capabilities and personalities, integrated alongside institutional resources, which can offer mutual value to both students and institutions. This paper presents the first conceptual model of value co-creation in higher education using a lens of co-creation cultivated through business and marketing literature. The model includes key components of value co-creation, co-production, and value-in-use as well as links to the anticipated benefits of value co-creation. The model can be used to inform and guide practice for the faculty and administration within higher education as well as to broaden the foundation of value co-creation literature.