Shilpa - other avenues for college education are Coverdell Education Savings Account (formerlyEducation IRA's), prepaid tuition - you will have to check with each state and see what they have to offer. It is never too early to start saving for college - you do not have to wait until middle school - college costs are soaring!!
Here is the IRS link regarding Coverdell - I would suggest you talk to a broker as well before you set anything up.
Tax Topics - Topic 310 Coverdell Education Savings Accounts