In this paper, I argue that universities ought to account for the diverse conceptions of the good employed by their students. The complex nature of the good of education, which has both instrumental and intrinsic aspects, means that the modern university should be impartial between students who consume this good for itself or as a means towards more fulfilling goals. The discussion on the intrinsic nature of education follows the line of the Humboldtian perspective. The instrumental benefits considered are the better democratic outcomes reached by having an educated population, the autonomy-facilitating character of higher education and the improvement of marketable skills. I put forward the view that achieving a balance between satisfying the needs of students valuing education intrinsically and those of students valuing it instrumentally is a strategy that should be employed by universities if they aim at regaining their imperiled legitimacy.