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Talk with a few of the kids about the pitfalls. What do you see as being the worst case scenario of using FB? Most kids are using it now. We have kids in our school who started an english page and the kids use it to post their assignments and the instructor is on it at night to answer questions. (not all the time and not immediately, but can check to see if there are questions on particular assignments.) Students also answer questions of each other. I would see a facebook page that is monitored for content and appropriateness very useful for students and probably a nice way to extend student council beyond weekly meetings.
You might consider using your student council leaders to draw up the guidelines for the page - content, news releases, who has access to the account, etc.
I don't see ANY pitfalls. I don't get why adults are afraid to talk to kids online. They're the same people they are in life. I write about this here:Kids and teachers are interacting. Everybody panic!
and hereBeing Safe Online Is Being Safe In Life
I've talked to kids and here's what they say (notice the embedded video featuring students).10 Ways Facebook Strengthens the Student - Teacher Connection
I've talked to teachers who use Facebook too and here's how one first grade teacher is using Facebook with her students and parents.8 Real Ways Facebook Enriched Ms. Shoening's First Grade Class
So, my advice. Do it!
And...let us know how it goes.