Learning analytics tools are becoming commonplace in educational technologies, but extant student privacy issues remain largely unresolved. It is unknown whether faculty care about student privacy and see privacy as valuable for learning. The research herein addresses findings from a survey of over 500 full-time higher education instructors. In the findings, we detail faculty perspectives of their privacy, students' privacy, and the high degree to which they value both. Data indicate that faculty believe privacy is important to intellectual behaviors and learning, but the discussion argues that faculty make choices that put students at risk. While there seems to be a "privacy paradox," our discussion argues that faculty are making assumptions about existing privacy protections and making instructional choices that could harm students because their "risk calculus" is underinformed. We conclude the article with recommendations to improve a faculty member's privacy decision-making strategies and improve institutional conditions for student privacy.