Most peer-mentoring research examines structured programs with faculty or staff facilitation, overlooking programs that are student-initiated and student-led. We present data from focus groups with participants of a student-led peer-mentoring program at a large North American University. This case study addresses two research questions: (1) how do peer mentors and mentees perceive the student-led nature of the program?; and (2) what institutional assistance do participants expect for their program? Findings demonstrate the value students place in the program being student-led and why it is important for this type of programming to be decoupled from institutional interests. We also outline three ways in which institutional support that does not infringe upon student-led directives can be provided.