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What is the recommended way of paying for graduate school (professional school), other than having your employer pay for it?

I've been out of college and working for about a year now and hope to attend graduate school maybe in the Fall of 2007.

I currently contribute fully to a 401(k), but most of my money is sitting in my bank's savings account earning nearly nothing. I've been waiting to determine where to put this money based on the fact that a lot of it would be withdrawn for education purposes. Would it be best to put it into a Roth IRA, high yield savings account (like ING Orange), bonds (that allow for low taxes based on use for education), or just an investment account?

Is it better to take out an educational loan and then pay it off with these savings after completing school?

Thanks in advance guys!
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