I'd recommend as a general rule for anyone, whether or not they're rushing or even going to college, to keep it clean and private. Why depend on only one layer of security when you can do both?
In the future, when your network matters, your best job prospects are going to be through your acquaintances; in other words, Facebook friends. Also, with the ever changing privacy settings, you never know what can leak. This is all solved when you have nothing to leak. If you're like most college-aged people, you probably have >100 friends on FB; ask yourself: honestly, does everyone on there need to know about your not-so-clean activities?
A limited amount of privacy is good for extra measure.
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