The hall doesn’t matter much.

Pros:

• More space in the room
• You can put your desk and other stuff under your bed

Cons:

• You have to literally climb into bed. Easy for some. Hard for others.
• You’re sleeping higher… it can be warmer/hot in the winter.
• Yes, it’s possible to fall out of bed. If you don’t follow out of your bed on a normal frame, you probably won’t fall out of a lofted bed. I think it comes with a rail.
• It costs about $150.