As you will be using this student as an independent contractor, then you can create an agreement with him which sets out clearly his obligations, and makes it clear that you are not in any partnership or agency arrangement with him. This would follow the same format as for a contract of services with a US individual, but should contain a clause that the agreement will be interpreted in accordance with your local laws.
As indicated by Alex, provided you protect yourself in the sense of ensuring that payment follows the provision of the services, then the risks of him failing to fulfil his obligations may be limited to the time you will lose in completing the project if you have to get someone else in to finish it. However, if you have obligations of your own to fulfil (eg to clients) which might be affected by any delay, this will need to be thought through carefully.
You will also need to ensure that your agreement with him fairly sets out your responsibilities to him - an agreement should be just that, not a one-sided document, but one intended to protect the interests of both parties.
One question which you will need to consider is whether this student could be regarded by the authorities as being employed by you. I am neither a US lawyer nor an employment lawyer, but I do know that if he were in the UK, his status as a student would not prevent him from being regarded as an employee if certain situations, and that this could make you liable to deduct tax etc..
Good luck.
