The purpose of this paper is to explore the value of e-learning from a student's perspective and develops a dynamic model for evaluating e-learning perceived value in an emerging market context. A qualitative research design, via semi-structured interviews, was adopted with a group of respondents composed of undergraduate and postgraduate students who were enrolled in online, hybrid and face-to-face programs. Coding, categorization and thematic analysis of the interviews resulted in seven value dimensions, with their "Get" and "Give" components, of the dynamic learning experience. The study highlights the importance of each value dimension in relation to the stage of the learner experience, namely, prior to, during and after the delivery. Our research extends current e-learning perceived value research and frameworks. The paper provides guidelines for higher education institutions and policy makers on institutional change to support e-learning initiatives.