College-aged people are grown-up enough to live their own lives. I know it would be painful to see one's child getting involved with PHP, but in the end that should be their own choice to make.
Absolutely, I just don't want some rich guy bribing them to drop out. If they develop a great passion for a startup idea, I will provide that grant myself after a period of time and after a rigorous debate.
I would hope the point of the foundation is for people whose parents cannot provide the grant after the rigorous debate.
The discussion prior to applying for the grant is a function of your family, not of the grant. Though I would also think that Peter would only fund people who have worthwhile ideas.