I haven’t read this entire thread, but I thought I’d throw in my experiences.
I wasn’t a risk-taker in college, and am not a risk-taker in general. And although I wouldn’t attribute not being a risk-taking entirely to my visual impairment and diabetes, because I know people who are blind and risk-takers and people with diabetes who are risk-takers, I definitely think that contributed to my lack of risk-taking. Not that I never took risks, but they are relatively few and far between.
I agree with @cardamom that I would absolutely not expect super tight control during college and university. My A1c during that time ran at around 8.5% or so, mind you this was on NPH, so probably A1c could be better than that, but I definitely would not be shooting for 5% unless that’s what your sons/daughters wanted to shoot for. I would shoot for reasonable control with minimal severe lows or highs and, as @cardamom said, be sure they know about DKA and sick day rules. When I was a kid my parents got all the diabetes education, and sure, I remember checking for ketones when I had the flu, but didn’t really understand why. I think the closest I ever came to DKA was one day while I was living on campus when I forgot a morning shot, may possibly have forgotten a shot the night before, slept through a class, and was so nauseated that I kneeled in front of the toilet for two hours. I think I took a giant shot and went back to bed after that, and things worked out. It wasn’t that I was irresponsible, though, just that I truly had no idea what DKA was. I didn’t really get re-educated on that until I started the pump and had a mini panic attack during pump training when I realized that you could die within hours of no insulin. I was already well-versed on dealing with lows in university, and terrified enough of them that I avoided them at all costs, but it was the DKA part of my education that no one had really thought to fill in and had just assumed I’d picked up over the years.
As for the worrying thing, I think that is much easier dealt with these days than when I was in university. I don’t think my parents worried too much back then, but as they’ve gotten older, they’ve actually gotten more worried, not helped any by some life experiences (not waking up in the morning, etc.). I’m in my late 30s and they still worry. Our solution to that is that if they see me log onto Facebook in the morning or if they text me a simple question (like “How’s it going?”) and get a response that’s comprehensible, it’s all good. If not, well…they have been known to show up at my apartment banging on my door or phone me at work and call me out of a meeting because I didn’t respond to their texts, phone calls, and messages for half a day because my phone was on DND. So I’m sure the threat of parents (or other responsible adults) showing up at the door will be enough for a young adult living on campus to always respond to texts. 
Another tip, probably good for anyone who lives alone, is to have a landline phone. I have one solely for the purposes of calling 911 (I have health issues than just diabetes, too). I’m in an apartment building, and a cell phone would let them zero in on my address with GPS, but wouldn’t tell them what suite I was in. I’d have for EMS to be going door-to-door, floor-by-floor to find me.