Yes, they should have a few skills. Traits also help.
If it's really the first time you go to university, I'll just add to what I wrote about the money side of things. If you have a family that can afford to pay tuition for all students before they go, the stipends aren't really that important. You need 18 credits to get through university in a single visit (technically 12, but you won't get those on a first visit, so 18 gives you a free failed exam), so those are nice to have. However, as soon as you arrive at university, each of your students can apply for additional funding, and they will get 2500 simoleons each on the first day (that's 20,000 up front for a group of 8 on the day you arrive). You can apply for new funds every 25 hours (you have to wait 24 hours between asking for money, and the process takes about an hour), which won't always be feasible, but you can see that you can get tons of money at university, if you just ask for it. However, the amount isn't fixed, but depends on how your students perform. 2500 is the center point, and everything above that qualifies for funding, up to 5000 simoleons every time you ask with full grades, which should be achievable by the second week (well, nearly, as your performance will already decrease while you walk to the admin building, except on the weekend, where performance is frozen).
So, unlike in real life, going to university doesn't end in student debt, but already starts the road to riches by itself.