The $240k could be realized through a varying mix of: not having debt (and having to drain off 240k + interest in future income), not spending money you earned

The $240k could be realized through a varying mix of: not having debt (and having to drain off 240k + interest in future income), not spending money you earned working over the summer/part-time (this won't cover it all, though), and/or a your parents giving you the college fund. Regarding the point about the parents, I readily acknowledge that not all parents would be willing to do that, but many probably (in my opinion) would.