I know what you mean about making things for the "kid" you've taught. I made wedding cakes up until this year. Hopefully, no more. Anywhoo, when I have done one for a child that was a former student, I always gave them a ridiculously low price. (Probably ended up costing me.) The last one I made was definitely at a loss -- supplies and ingredients have risen in price so much.
Your quilts are gorgeous. The lady needs to be told that you had already shopped for fabrics for the third quilt before she changed her mind. Good luck and keep us posted.