Studies on the effective use of social media for academic purposes are not new, but limited studies exist on undergraduate students’ perceived social media use. Anchored on Grounded Theory, this study explored undergraduate student perception of social media use at two universities in the Philippines and the Kyrgyz Republic. Results show that undergraduates use social media for communication, education, awareness of current events, entertainment, self-expression, doing and engaging in business, and as a source of motivation and inspiration. Moreover, the perceived negative impact of social media use includes a negative impact on health, productivity, psychological and mental health, socialization, and information veracity. Slight differences between the two groups were noted. A reflection on the opportunities and threats of social media use deduced from the findings vis-à-vis the literature are provided.