@fancychen_78 , agreeing with @xmasbaby0 , that you consider protecting yourself in making sure NOT TO Comingle your own funds with that from this fiduciary activity for a friend/ relative -- keep a separate account etc. And a clean agreement as to your duties and responsibilities.
If the student is older than 18 there is still nothing that stops you from acting as a fiduciary but you should have a clear agreement ( written is preferable for your own protection ) as to your duties / responsibilities.
Is there more help you need ?
pk
