Going away to college can be a big adjustment that's difficult to deal with and can leave people feeling homesick. The perfect cure is a care package sent from home, making this an ideal fundraiser for schools and churches.
Send out flyers to the parents of recently graduated seniors (who've left within the last four years) explaining the details of your group and what you are hoping to raise money for. Include a list of care packages for sale and what they contain so that parents can choose one.
For example, you could have packages aimed at chocolate lovers and coffee lovers, as well as more general assortment packages. Include convenience foods that can be easily cooked in a microwave and which are shelf stable. It's a good idea to let parents put a personal message in the care package too.
Shop around the discount food stores in your area to make sure you're getting the lowest prices you can on your items. You might come across businesses willing to donate cardboard boxes to the cause to make it easier for you to ship the packages. You'll find that parents appreciate the convenience of the scheme and students appreciate the support from back home.