There is conflict in previous research about the prospects and the consequences of Facebook raising eye brows whether to use Facebook in a pedagogical design. This paper analyzed the educational motives and the perceived academic consequences as the predictors of Facebook use, besides explaining the interaction effects of time patterns (daily and weekly) on the educational motives (prospects) and perceived academic consequences (curse). The theoretical support was extended from the Uses and Gratification and the Displacement theories, while the data was collected through survey from the public and private sector universities of Lahore, by applying the convenience sampling technique (n=559). The multiple regressions found that the variable of educational motives (prospect) made significant contribution to the prediction of Facebook usage when compared with the perceived academic consequences (curse). The university students gratified their educational needs from Facebook and they were active for seeking these motives but were less of the opinion that Facebook had negative effects on their academics. The Two-Way ANOVAs were applied to explain the interaction effects. There was a significant difference between the daily and weekly time consumption of students for the educational motives and the perceived consequences. However, the students after two hours of usage on daily basis or in different intervals of the week perceived that the Facebook usage resulted into the negative academic consequences. The study recommends that university students daily use of Facebook should not exceed two hours. The teachers should use Facebook informally and integrate it in pedagogy to stimulate students interest.