Intercultural group work (IGW) is a promising learning strategy to enable university students to benefit from diversity among their peers. However, cultural diversity does not automatically lead to student engagement in intercultural collaboration. To explore the costs and benefits students attribute to IGW, we conducted focus groups across six universities in the Netherlands. The expectancy-value theory provided a valuable framework to gain novel insights into the nature of these costs and benefits. Identified costs are time, effort, negative psychological states, and compromising at the expense of personal values. Benefits can be categorized as attainment, intrinsic, and utility value. Results suggest that costs and benefits may be viewed as three dimensions, instead of the traditional four components featured by expectancy-value theory.