Private student loans should indeed be subject to the same regulations as federal student loans, This would simplify and streamline the process for everyone as well as clear up the confusion. Private or federal, student loans should be treated the same and be answerable to the same regulations as each other.
I feel that student loans are a volatile business, with large amounts of risk involved, due to the fact that the student must first complete 4(+) years of schooling, then find a job, in order to start paying back the loans. Therefore, they are a long term, high risk investment for the person giving the loan. Due to the high risk, lessees often charge ridiculous high rates, which should be curtailed by subjecting them to the same regulations as federal student loans.
Private student loans should be subject to the same regulations as Federal because private student loans recipients are subject to too much potential abuse by the loan companies. While this "abuse" might be legal, such as very high interest rates, the chance of economic fallout is too high for the students after graduation.
If you make Federal and Private all the same terms, then no one would have a reason to get a Private loan. I feel that it is fine if they have their own regulations and rates but there should be some sort of authority over them to make sure that they are not ripping people completely off.