First of all, that title "College Children" is an oxymoron, of course. College students are not children. They're adults. You don't agree with me? Just ask them. They'll tell you.
No, but really, so will the government. There is a federal law that states the school can give you no information about your college child. Bills to pay? How are they doing with their grades? Nope. There is an exception, though. There is a form the student can sign saying that you are allowed access to this information. But even if you sign this release, please don't expect the college to call you to tell you how it's going. (One of the questions a parent asked at our orientation yesterday.)
Yes, college students often know just about everything, certainly more than their parents do. I really don't know why they need to got to college; they know so much. However, don't despair. By the time they graduate and spend some time in the world, their parents have usually learned decades worth of knowledge and wisdom. Very refreshing.
Does this mean that we let them do whatever they want now? Well, I don't know how different families handle this, but ours mostly lived at home during college, and frankly, I would not let any adult live in my home without some house rules, some expectations for when they come in - or, if they're going to be out late, letting me know rather than worrying me. It's all in the presentation, you see.