Get them one of these things. Mine has a knock off that only holds his ID but the one that holds a key too is super handy. I'm sure some colleges are fancier and might not have keys but you can probably investigate that more. https://www.thekeyper.com/
They always have their phones. This is what most college students use vs lanyards or wallets, from what I can tell. I am sure that like all trends it is regional but I think it'll be a handy item for most kiddos.