In our essay, we discuss equity implications surrounding the usage of generative artificial intelligence (AI) in higher education. Specifically, we explore how the use of such technologies by students in higher education such as, but not limited to, multi-language learners, students from marginalized linguistic communities, students with disabilities, and low-income students has the potential to facilitate transformative learning. We describe how such tools, when accessible to learners, can help address barriers that prevent students from fully engaging in their learning. Additionally, we explain how the usage of generative AI has the potential to alter the lens through which students view their learning, countering assumptions and broadening what can be considered an “appropriate” use of assistive technologies to support learning for diverse students. We also address various limitations of generative AI with regards to equity such as the requirement to pay to access some of the applications, as well as linguistic and other biases within the outputs produced, reflective of the data used to train the tools. Throughout this piece, we share insights from a study of undergraduate students’ perspectives and usage of generative AI and potential future directions for the technologies. This essay aims to increase awareness of the opportunities and challenges around who benefits and who is excluded when generative AI is used within colleges and universities.