The present study approaches the Internet as a social space, where university students make use of computer mediated communication (CMC) applications, i.e. e-mail, instant messaging and social network sites, in order to satisfy social and academic needs. We focus on university students, because they represent one of the most avid groups of CMC users and additionally, because they are expected to carry their perceptions of media with them into the work place and their social life. In order to investigate this issue, we conducted an empirical research using, as a target group, a sample of students from a specific Greek University. Grounded in the "uses and gratifications" perspective, we investigated the various profiles of CMC use by students along with (a) the students' perceptions about social and academic usefulness of CMC applications, (b) the extent up to which these perceptions are correlated with students' prior experience with the use of CMC applications, and (c) how both of these factors can predict the frequency of present use of CMC for social or academic purposes respectively. The results reveal that although these three CMC applications constitute "functional alternatives" (media that satisfy similar needs) they are different to the degree of their "functionality" for the gratification of social and academic needs. Furthermore, the degree of CMC use by students is not correlated with the years of CMC experience, but with the profile of use that students dynamically adopt according to their daily needs and preferences. The results provide evidence for the current CMC use by university students and can be useful for the implementation of further academic policies regarding CMC use in Higher Education settings. (Contains 2 tables.)