It is possible for parents to have read-only accounts in Schoology. These accounts will allow them to see course materials, announcements, assignments, and grades for their children. Teachers will have to give parents an access code that is specific to a student, and then the parent will be able to create his/her own Schoology account.
Parent Schoology Resources
Solutions Desk: Parents Welcome to Schoology
Sample Email to Parents - Example of What the MS Sent
Attached are the directions for doing this.