The onset of Generative Artificial Intelligence (GenAI) tools has caused a surge in academic applications: Students can use these tools to support their learning processes, while educators enrich their lectures with GenAI. The integration of these tools, however, is tied to challenges like misinformation and algorithmic bias. Few institutions have introduced uniform guidelines regarding GenAI, and little research has examined the usage patterns in higher education. To gain a comprehensive understanding of what opportunities and challenges stakeholders in higher education institutions encounter when adopting these tools, we conducted N = 30 interviews with students and academic staff. Our findings reveal that interviewees see largely similar opportunities (e.g., a more individualized teaching support for students) and challenges (e.g., fair evaluations of written submissions becoming more difficult). We contribute to research by highlighting the perspectives of students and academic staff, as well as offering suggestions for guidelines.