Open a 529 plan, which is like a 401(k) plan for college. 529 plans accrue tax-free interest and you withdraw the money tax-free as long as you spend it on qualified educational expenses like tuition or room and board. Each state has its own plan, and most are run by mutual fund companies. Some states let you tailor your investment to become more conservative as you get older. Minimum investments vary, but in Ohio and California you can start your plan for as little as $15. Start as soon as you can and make regular contributions. You can also invite relatives and friends to make contributions to your plan, perhaps in lieu of (or in addition to) birthday or holiday gifts.
Cultivate your talents to earn a scholarship. Whether you excel at academics, acting, sports or essay writing, scholarships are available to students who are high achievers in their discipline. It's important to plan ahead and research scholarships before your senior year to give yourself time to find and apply for the ones you're qualified to receive. If you're not a standout in any particular field, look into scholarships that are awarded based on need, religion or even where you live. Full rides are nice, but a partial scholarship could help cover any difference between your 529 plan balance and your actual tuition costs.
Apply for student aid. Fill out the Free Application for Federal Student Aid, also known as the FAFSA. Check with the schools you're considering because application deadlines vary by state and institution. Depending on your financial situation, you could receive a Pell Grant, which was worth $5,550 for the 2010-2011 academic year and doesn't require repayment. You could also receive student loans. You'll have to repay the money when you finish school, but with your increased income potential, the loans will be cheaper than not going to college at all.