Private loans DO offer consumer protections, just not the same benefits as PLUS loans. A bank loan has all the same state and federal protections as any other loan made by the institution, collection is limited by state and federal laws… Some states are very ‘consumer friendly’ and don’t allow real property to be attached for a bad debt. In fact, sometimes the private loans have greater protections than federal loans. If you don’t pay a government loan, they step in an garnish your SS checks, tax returns, etc. without much notice. A private lender has to get a judgment and order of garnishment before that can happen, and has to hit your bank account on the right day.
BUT, borrow wisely. This OP’s son has great stats. He can get a lot of merit aid if he picks the right school.