Since the age of 18 the child has been "emancipated" as a matter of Caliifornia law. I think you mean "cut him loose" in economic terms. Not a legal question. By the way, many students take five years to complete undergraduate studies, but these are personal matters for your family, not legal questions.
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I am not clear what you mean by emancipating your friend. It he chooses to attend college part-time, the process may take even longer than 5 years. If you believe you can help your friend find a suitable employment with good income, you can always make that suggestion to him.Ask a similar question
Legally he is an adult. If you stop supporting him financially he will either have to find a job, get a scholarship, or finish school quickly. You have to stop enabling him, sit down and discuss his future with him.
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Is your question about paying child support? If so then child support terminated as a matter of law when your son was 18, or at his high school graduation if that happened later.
Is your question about payment of college tuition? If so there is no law requiring a parent to pay for college tuition in California. However, if you have a court order that requires you to pay for his college I would look to the terms to confirm that they require full-time courses, a grade-point average, or a term of years for your payment.