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In this paper we study the determinants of education demand after compulsory secondary education. We explore how students’ perceptions and preferences (subjective variables) affect students’ willingness to study. Current contributions that analyze education demand are based on indirect data collected after students have taken a decision. Therefore, they are based on the arguments provided by households to explain their past decisions. On the contrary, in this paper we analyze data collected directly from students when they had to take a decision concerning their future education, in their last year of compulsory education (at the age of 16). This approach allows us to estimate (based on Probit models) to what extent each of the variables affects students’ decisions. Additionally, this approach provides an estimate of the probability that a student with certain characteristics will or will not continue with his or her education. Our results confirm those obtained by other authors in Spain, that is, family background and labour market conditions affect students’ decisions. However, we go one step further and we show that students’ inter-temporal preferences as well as the quality