This study responds to the growing urgency of integrating generative artificial intelligence (AI) into higher education and offers a perspective by comparing student and faculty experiences within the same institution. The aim was to examine how both groups use generative AI, what risks they perceive, and what kind of support they need. Two structured online surveys were conducted. Data was analyzed using frequency analysis, chi-square tests, and collocation analysis. Results showed that both groups primarily use text generators, followed by image generators. Students apply AI for diverse academic tasks—idea generation, text rephrasing, summarizing, while faculty focus on preparing learning materials and supporting research. Misinformation was the top concern for both; students feared overdependence, whereas faculty stressed academic integrity and reduced critical thinking. Both groups strongly needed training, especially in prompt writing and ethical AI use. The findings underline the necessity for institutional support and shared, responsible AI practices.