Another option is to leave the photo as a rectangle, but add a border over the top of the photo. Again, there are a ton of possibilities here: this is just one variation.
- Press Command+J (Windows: Control+J) to duplicate the Background layer. Then use Image>Canvas Size to add some extra canvas around the edges of the photo. Here we added one inch with the Relative button checked.
- Hold down Command (Windows: Control) and click the Layer 1 thumbnail (the duplicated layer) to load it as a selection.
- Use Select>Transform Selection and hold down Option (Windows: Alt) to make the selection slightly larger than the photo.
- Add a new layer. Use Edit>Stroke and change the Width to 10 – 15, the Color to black, and the Location to Inside.
- Press D to set your colors to the default black and white. Then use Filter>Brush Strokes>Spatter to apply a "roughening" effect to the stroke. This filter will introduce some white into the black stoke layer.
- To "remove" the white from the stroke layer, change the blend mode of the stroke layer to Multiply. As an optional step (shown here), use Free Transform to change the stroke layer so it doesn’t match up completely with the photo.