This study offers an alternative perspective to understand students as consumers. This proposition is evaluated by analyzing the relationship between students' emotional experience at a university and their perception of loyalty to this institution. Students from a Latin-American business school responded to a survey that included the Consumption Emotion Set and a loyalty assessment (n = 1,393). Data was analyzed using Rasch models. The findings show that positive emotions motivate student loyalty, whereas negative emotions harm student loyalty. The students' experiences should be conceptualized at the institution as a brand and addressed through services and (nonacademic) activities in students' lives.