There are multiple ways to prepare to start saving for your college education. 
1. A 529 Plan is a state-sponsored program designed to help parents finance education expenses. They are administered by certain investment companies and subject to contribution requirements and guidelines. Withdrawals from the account are taxed at the child’s tax rate, and anyone can contribute to a Section 529 plan, regardless of their income level. In most cases, the money is invested in a portfolio of stocks, bonds, or mutual funds. The proceeds can be used only for education withdrawals for non-educational purposes trigger taxes and a 10% penalty. The investment company administering the account will be in control of how the money is invested, and will charge an ongoing fee for its services.
2. US Series EE bonds are tax deferred or tax free, low risk and can be used as part of the long-term plan
3. Zero coupon bonds are taxed investments that lock in the current rate of interest and a specific amount on maturity
4. Municipal bonds are tax-free, low risk investments that lock in the interest rate.
5. Mutual funds grow over long term and allow for the switching of investments without incurring sales charge.
6. QTP’s (Qualified Tuition Programs) are tax deferred that might also be tax-free that can be used to pay for tuition, fees, and room and board. The owner of the account can switch beneficiaries, and maintain some control of the funds that were gifted.
7. Roth IRA is a long term investment that is tax deferred. There is no penalty for early withdrawal made before 59 ½ that are used to pay for qualified college expenses.
8. Real estate is long term growth oriented investment whose appreciate grows over time.
9. Doing well in school and on standardize testing can pay off in scholarships and grants. Colleges and universities have their own requirements but students may look at other scholarships opportunities related to their natural talents, arts or athletics for example.
10. Save money from work experience in an account for miscellaneous expenses such as travel, books, clothing, etc.
