Research among rank and file members of the Osher Lifelong Learning Institute in Portland, Maine was conducted to investigate the perceived benefits of participation in a peer-governed and taught elder learning program. Interviews were conducted with 45 long-term members of the program by 6 focus groups. Benefits were reported in 4 categories: intellectual stimulation, experiencing a nurturing and supportive community, enhancing self-esteem, and having opportunities for spiritual renewal. Implications of the multidimensionality of older learners and the outcomes they seek from participation in lifelong-learning institutes are explored.