Partnership in higher education emphasises an active role for students in both teaching and learning. This pedagogical culture is likely to make students assessment literate and engage them in deep learning. In this study, Iranian students experiencing learning-by-teaching (LbT) in private language institutes were interviewed to compare their perceptions toward assessment and learning with their counterparts without this experience. Findings show that LbT fosters students’ assessment literacy and deep learning. Results also reveal that by teaching other students, quasi-teachers promote a broader understanding of assessment and grade practices in comparison to other students. Unlike their counterparts, quasi-teachers de-emphasised grades and showed a greater focus on learning. Moreover, explaining the materials to other students provided them with a deeper cognitive process resulting in deeper learning. These results underscore the perceived importance of partnership in higher education.