While social media is increasing its extent and reach every day, research shows that its impact seems to be more intense in developing countries for various reasons. In developing countries, social media not only satisfies personal communication needs but also tends to compete with mainstream media for news and play a significant role in social movements. Hence potential use of this mounting medium for education needs to be explored. In this study, a social media and education survey has been prepared in order to measure perceptions, awareness and concerns of students and educators coming from different generations on the topic of social media and its use in education. Such a study is crucial to materialize different policies and strategies for enhancing education with this popular and freely available technology. Students' and faculty members' perceptions, expectations and willingness about the educational use of social media are analyzed and different generations are compared. Results of this study could shed light for developing various strategies for integration of social media into Higher Education in developing countries where the difference between generations is typically felt larger.