Save $250,000 in a short term liquid account to fund graduate/professional degree 4-5 years form now.
Our friends bought each kid a luxury car, and sent each kid to State U. Cheaper than our option of private U and used Civics. We are each happy with our choice.
I am with you, momofjandl. I think it can send the wrong message to tell a kid “pick the cheap school and I’ll buy you a car”. Understand the premise, and its different if the issue is the kid NEEDS an inexpensive, basic set of wheels that could otherwise not be purchased if the cost of attendance was any higher. But the other can make its sound like the education is less valuable, IMO. No doubt there are great educations to be acquired at inexpensive schools but the “we’’’ buy you a luxury car if you pick the cheap school” is, just, wrong.
We spent that X4 for private school from first grade through college for two kids. We could have had a really nice boat, better vacations, and a bigger retirement account. Instead we have very happy, confident, well educated kids. Would they have been the same if they’d been educated differently for all these years? Who knows, but their life is very good now, so how can I regret it?
My kid got the state U and the used car 
It will buy the downpayment on a piece of income producing property. This will give you a positive cash flow at the end of the month. Take that cash flow ( and all the fantastic tax benefits associated with depreciation), put it in the bank and in a few (4 ?) years 1031 exchange that property for one producing even greater positive cash flow. Hey, in a FAFSA school the income from the family business is excluded from the calculations…so…get FA for your kids. Of course kid will have to bypass the Ivy’s. Teach kids this model at a young age. Offer to give them $$ to start their own business after college graduation.
Then retire early…all that for 250K
Part of a Ferrari or Lambroghini, seed money for starting a small business depending on type and geographic region, more than a dozen $14,000 high end gaming computers, some parties, etc.
On other thread, OP is asking whether it’s worth it to borrow $60k and pay $280k out of pocket for Chicago v full ride at USC.