Not having amassed quite that amount during mine (and my wife's) college careers, I'm frightened now at the thought of putting my three kids through college....
I'm stunned that you have a rate of 12% on a student loan.... is this, by any chances a personal loan w/ a variable rate? Is there a clause on having to pay this loan as-is, or are you in a position to consolidate a few loans, move to another lender with a re-finance (yeah, it might cost a few bucks out-right, but the long-term savings and grace periods alone would off-set the initial outlay)?? When you graduate, you have a grace period, and on a student loan, they cannot make your payments more than a set percentage of your pay.... But, man... that's a lot of cash, no less.... I'd look into options on re-financing, etc... A lot will depend on your credit score, obviously, but with banks in serious competition, your chances of landing a nice rate wehen someone buys your loan might be good in your favor.
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