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Here's what I found helpful when I was in college. The notes I took during lecture were usually messy, and could be hard to read and study from. Therefore, I would rewrite my lecture notes. I would use 3-4 different color pens (to help highlight important words, concepts, etc.). I rewrote the notes on loose leaf paper so I could easily access them in a binder. I always tried to rewrite the notes within a day or so of lecture, so that the information was still relatively fresh in my head.
I found this to be a great study tool, both as I rewrote the notes and when it came to studying for exams. After I had completed the classes, I kept all my notes. I found that I used them for reference for other classes (especially those in my major) and for tutoring other students.