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I live in Connecticut and have two young children. I want to start saving for their college education and have looked at a couple of different options. One would be to start a educational IRA, but can only contribute $500/year and probably won't amount to one year of college in 16 years. Another option would be to invest in the State's higher education trust, where unlimited contributions go in post taxed and distributions are then taxed at the child's rate. The trust is run by an investment firm and have no control over their investments.

My questions has anyone been faced with this same problem and could they give me their thoughts?
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