The paper deals with the issue of value co-production in higher education and it consists of three parts. In the first part the literature review on conceptualization and the role of joint production of value is presented leading to the proposal of 7-dimensional concept of value co-production in educational services. In the second part of the paper, the results of a quantitative study conducted on a sample of over 1,000 business students from three leading Polish universities are discussed. The analysis of the results allows for the confirmation of the 7 dimensions of value co-production (dialogue, control, access to information, intellectual and behavioral involvement, knowledge sharing and knowledge intake), as well as their positive relationship with students’ loyalty towards the university and the perception of the university image. In the final part of the paper, some practical implications are offered and the limitations of the study are addressed.