I have done one commissioned quilt and all my others are for fun and shows. I went with the going rate around my area. Most of us have set prices on quilting and binding with it starting at $50.00 for binding anything smaller than a twin, the cost goes up from there. Quilting one depends on L/A or FMQ. I charge no less than $50.00 for basic meander and the price goes up for more difficult things. I do FMQ. The L/A people here charged a base of $100.00 then on up. These prices also do not include the fabrics and such its just labor fees listed. The one I did on commission ended up being $460.00, that was $260.00 for the fabric, I hit a great sale, and $200.00 for my time since it was a really simple piecing for the top. Dont undersell yourself. I do like the idea of having them purchase the fabrics and making the quilt at a discounted price for the practice. I sure wish some people here would do that, maybe I should mention it next time I am asked about making one. Of course, when I say discount I mean more than $20.00.