The objective of this study of student-consumers in higher education is to investigate the direct influence of student choice factors on student expectations. The mediating role of perceptions of employability in the relationship between costs of study (fees) and student satisfaction, and the outcome variable of students' recommendations, is examined in the study based on respondents' chosen U.K. higher education institution (HEI). The theoretical framework draws on cost-expectation-satisfaction assessment and expectation of employability after graduation. A survey sample of 11,822 respondents and 140 higher education institutions suggests university reputation, course design, service quality, and campus social life directly influence student expectations. Student expectations of choice factors mediate the relationship between the cost of study and satisfaction, and students' perceptions of employability after graduation mediate the relationship between the cost of study and the likelihood of making a recommendation to peers. The course design was the most influential factor impacting student expectations.