This study presents the findings from a questionnaire survey conducted among university students in Portugal, with the aim of understanding their perceptions of Artificial Intelligence (AI) in higher education. A total of 401 valid responses were collected from Portuguese students. The study seeks to explore how students perceive the impact of AI on their education, identify associated risks, and analyse their interactions with AI tools. Specifically, it examines their usage patterns, representations, expectations, and concerns regarding the incorporation of AI in academic settings. The results indicate that over half (53%) of the surveyed students utilize AI and related algorithms for studying or completing academic tasks. Additionally, 62.4% of the respondents report not disclosing their use of AI tools to their instructors when completing academic work. Concerning the authorship of AI-assisted work, approximately 58% of participants assert that the work produced with the help of AI is authored to themselves and their peers. In terms of representations and expectations, the study reveals certain antinomies. While students acknowledge the utility and benefits of AI, they also express concerns about over-reliance on technology and its potential consequences on the humans psyche. Furthermore, students exhibit scepticism about the ability of AI to reduce social inequalities and highlight the risks posed by the mechanization of human learning and the rationalization of educational processes.