Hello. I am 19 and a sophomore in college, but I still live at home. I have always strived to be a godly person and a hard worker. I was valedictorian of my high school class and captain of two sports teams and earned a college scholarship. I always try to do the "right" thing, but recently I made a series of bad decisions. I took money my dad gave me for books and spent it on a dinner party for my friends and then started lying to my parents to cover it up repeatedly until I got caught. I feel awful about what I did, but I don't know what to do about my parents' reaction. Growing up, the house rule was that if you lied you always got spanked, but I haven't received the rod of correction since I was 15 (and it was years since the time before that). I understand that I messed up big time and am willing to be held accountable, but I feel a bit old for the rod. I want to make the "right" decision, but am scared, and don't know what the "right" decision is.
Several things in this question leads me to believe that it is fake. I edited out much of the details, but I noted that the details are in the wrong place and the emphasis is wrong regarding both the inappropriate behavior and the punishment being considered. But a good issue is raised, so I'll address this.
You claim to be nineteen and in college. You were given funds for a specific purpose which was to your benefit, but you misappropriated them for a party. This is not the behavior of a valedictorian or a hard worker -- it would indicate that you are a spoiled brat who can't think past the next two hours.
What your folks should do is say "we want you to graduate, but obviously you don't value a college education; thus, you are on your own." In no way should they give you any additional funds for college because you proved yourself to be untrustworthy. You hint that you have a job and a scholarship, so welcome to the real world. You made your own decision, now you can pay your own way. If you choose to drop out of college, they should show you the door and say "good luck in life, darling."
This would be adequate punishment and good training for you at the same time.