Higher Education Institutions (HEIs) are increasingly aware of the importance of brand equity for brand strategy. Earlier research has disregarded the eWOM of HEIs, so this study furthers our understanding of the importance of eWOM on the creation and leverage of HEIs' brand equity. A qualitative approach was adopted, with semi-structured interviews targeting Higher Education students from the same institution but different nationalities and study programmes. The interviews were transcribed and examined following the principles of thematic content analysis. The findings show that positive eWOM positively influences brand equity, whereas negative eWOM has a minor influence on brand equity. Furthermore, it was found that firm-generated eWOM has equivalent or even more credibility than user-generated eWOM in affecting HEIs' brand equity. This study contributes to the literature by offering an inductively generated theoretical model to guide future research on the links between eWOM and brand equity in HEIs.