Society already has rules against stealing other people's money.

A college fund your parents saved for you isn't your money unless the money is in your name (or possibly set up correctly at the bank). If they just save it in their name, they can spend away as they like. It is their money until it is actually in your name even if you were told it was there as a child.

Which is understandable in many cases if the family actually needs the money before someone goes to college.