He'll lock the hell out of it. U lock + heavy chain. Almost all the bikes stolen off Portland streets were cable locked, per our police dept. I think there is a good chance he will take the bike to college, should he wish to. So the longer term longevity of the frame will, probably, matter.

Have we ever seen a quality (not gaspipe) steel frame that has been structurally compromised by rust? How bad did the rust look?