The purpose of the paper is to propose the service-dominant logic in marketing as a framework for analysing the value co-creation process in the higher education sector and present the results of a quantitative study (a survey) conducted among business students from four Polish public universities. The results of the study led to identification of 40 factors of importance, later classified into seven value types expected by business students from their universities: functional, relational, intrinsic, epistemic, conditional, extrinsic and emotional value, with the first three types of value being the most important from students' perspective. These findings lead to several managerial implications regarding the teaching methods and academic curriculum design, which are presented in the final section of the paper.