How to invest in college?

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So everyone is talking about making long term investments and buying stocks while studying in college. Some say they do it with very little. How does that work? I mean lets say you bought $500 worth of stock of a top 500 and a stable company. What is most likely to happen in not so long-term but 5 to 10 years? Lets sat the company kept growing slowly, didn't come up with something so special, and didn't go banktrupt, just kept growing. Can it bring in like %15-20 in 5 to 10 years?

And as a college student I can invest like 1k per year at best for the next 4-5 years. What would you suggest me?