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A corporate Verizon store can help you with the AOL - just tell them you want to split his line off to his own account.  It's likely he will owe a deposit, which they will hold for a year.  If he has 12 consecutive months of ON TIME payments, then the deposit is refunded.  If he is late once, the 12 month clock restarts.  He can keep his phone though, and his number, and there is no ETF involved.

Other options - since getting his own plan may be a bit pricey for a college kid, especially with the deposit -

• Leave his line on your plan, and place a "dumb" phone on it, for $10 a month for the remainder of the contract; it's probably less than the ETF if you were to cancel the line.  He could then get a pre-paid plan, which would mean a new phone and a new number.
• Let him stay on your plan till his contract ends, and THEN let him branch out on his own.  He may be a bit more established at that point, with  a job.  And with no contract, there will be no ETF regardless what he decides to do.

Good luck to you!