A philosophical framework, often called your philosophy of education, is simply, what you believe about the educational process, and how you plan to approach your classroom/students given what you believe.
I think there are two ways to approach this question: cerebrally and practically. A "philosophy of education," cerebrally speaking, is never going to remain stagnant once you enter the teaching world. As a senior in college, your level of experience with teaching likely does not exceed student teaching and internships. This is a great time for you to think about how you wish to approach the classroom, your students, the curriculum, and the entire educational process because you are the most unaffected by some of the negative sides of teaching as you will ever be. (I often wish I could find my first "Philosophy of Education" essay. It would be interesting to see what I thought the profession was all about with my college idealistic mindset.)
Personally speaking, developing your philosophy of education will at least give you a beginning goal. Then, understand, with every single year of experience, your philosophy will likely change. You will start to realize what it is really important to you in a classroom, and what things you are willing to sacrifice. If nothing else, just for you personally, this will help you keep the big picture separate from the details. (When you experience a particularly difficult day, you might forget about the big picture and allow the details to really get you down. Refocusing depends on your ability to remember your goals.)
On a practical level, however, writing your philosophy of education and keeping it updated, is a great idea. First, it will definitely come up in interview questions, in one form or another. It might even be an exact question on an application. Next, most teachers are required to obtain a number of Continuing Education Units (CEUs), or classes, each year to keep their teaching licence current. Additionally, most public schools require individual teachers to write "growth plans" each year, with specific goals detailed within. At the end of the year (especially for new teachers) principals or supervisors will use these growth plans as a means of evaluating their teachers. I found myself, in my first 2-3 years of classroom teaching, using my philosophy of education in many of my CEU classes as well as in my growth plans.