Topicality of the research is confirmed by increasing student involvement into the educational process, when not only the academic staff and administration participate in the improvement of higher education institution’s activity, but also education customers – students. This adds a new dimension to the issue of monitoring education quality and student satisfaction with higher education. This issue echoes the ideas of M. Weber about the relationship between such components as cognitive motivation, personal development and student satisfaction with higher education. Besides, it is essential to focus on the approach of R. Barnet to defining the quality of education with the emphasis on a priority of development of an educational institution as the system that meets customers’ needs. Monitoring student satisfaction with education quality has become an integral part of the educational process not only in a number of European universities, which have used this monitoring for decades, but also in Russian universities, which are interested in education quality improvement. Leading universities in Russia, including Peter the Great St. Petersburg Polytechnic University, are implementing policies targeted at increasing student satisfaction with higher education quality. Education quality monitoring as a key element in the system of providing feedback to students contributes greatly to this process.