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Amid rising skepticism about the value of higher education, this qualitative study explores how low-income students construct and reconstruct their perceptions of value before and after enrolling at a selective university. Framed by Bourdieu’s Theory of Practice, interviews with 22 students at a highly selective, public institution revealed evolving, class-mediated understandings of value. While participants initially emphasized economic return, their perceptions of value expanded to include non-monetary benefits. Contradictions emerged around institutional selectivity and perceived value of the degree. Findings suggest that value is not static but evolves through experience, classed habitus, and institutional context. Implications highlight the need for higher education leaders to better communicate both the economic and non-monetary value of college for low-income students.