This paper presents a conceptual framework that relates empirical aspects of student teaching (facts about the experience) to considerations of value (what student teachers ought to learn). First, the report explains what is meant by calling student teaching an "occasion for teacher learning." Next, based on observational and interview data, two cases of student teaching are presented to illustrate how the relative influence of program, setting, and participants interact to shape opportunities for teacher learning. One teaching episode that elicited considerable pride in each student teacher is presented to highlight how and what the student teachers learned. The conclusion appraises the lessons learned in student teaching in terms of the framework and suggests how teacher educators can increase the educative power of the student teaching experience. (Author)