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As generative AI (genAI) tools become increasingly integrated into higher education, this study explores how Indonesian students from public and private universities perceive their value and risks. Drawing on responses from 902 students across 113 institutions, we used thematic and epistemic network analysis (ENA) to map patterns in student perceptions. Findings show that while both groups recognize genAI's benefits—such as efficiency, accessibility, and writing support—public university students emphasize creative and academic uses, while private university students highlight practical and access-related concerns. Drawbacks include overreliance, reduced critical thinking, and ethical risks. The study reveals how structural inequalities shape AI engagement, urging more equitable, context-sensitive approaches to educational technology in Indonesia.