Money IMO buys opportunities, but you can have it and still be unhappy. not to get off topic but leading a grateful life is what personally makes me happy. There's also a myth that you will/should be happy every minute. Life doesn't work that way.
College life can be very difficult for young adults. Hopefully they go with a strong sense of self and realize it's only a temporary stop in life. Make the best of it, and move on to the next step. We need to let our kids experience ups/down and know they can work through things and come out better for it.
Ive seen academic parents be just as "involved" in their kids grades, as sports parents that are over the top pushing their athletes.