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Social media does not seem to easily fit in the higher education system. The Web 3.0 students use social networks on a daily basis, however, 1.0 higher education institutions are not taking advantage of these tools. There are some institutional constraints, pedagogical issues, and cultural resistance for its adoption. A survey directed to Portuguese Higher Education students was held, aiming to identify social networks' use either in a personal and academic context. Results show that social networks are under-exploited in the teaching-learning process, both by students and also their teachers. They are both aware of the platforms and applications but are rarely used for an academic purpose. The study raises important issues and gives practical examples for effective use of social media in education. In order to address these challenges and opportunities wisely, it is necessary an effective engagement in social media by students, professors, and all the academic staff.