My parents weren't in the Greek system and I had not even considered it until my senior year of HS. I was talking to my one HS friend who was also going to K-State about staying in the dorms and he was like "dude, were not staying in the dorms, were joining a frat". Went and stayed with his cousins bf who was a phi delt and ended up joining.
All in all it was a great experience and I'm still good friends with 10+ of my fraternity brothers to this day.
In regards to hazing it depends on the house but in general K-State does not have a "hardcore/stereotypical" Greek system like other universities. We stayed at the Mizzou/Auburn houses during football games and.......yeah, holy crap. Worst we had at K-State was having to wakeup in the middle of the night and clean the house and I don't even know if they do that anymore.
Some other pro's -
You have to regularly DD when you are a freshman but then you basically have a DD anytime your next 3 years.
The structure that being a pledge provides is beneficial to some people getting their first taste of freedom. Example - You have to go to classes, assigned study hours, people checking and caring about your grades that aren't your parents.
Other people have mentioned connections and it's true, being in a fraternity you just meet and form relationships with a lot more people than you would normally meet and stay in touch with. I'm in sales, I have personally made THOUSANDS of dollars just from people I knew in the fraternity. In B2B sales it's extremely helpful to have someone, anyone, you know who works at a company that could buy your services and help you get your foot in the door.