Do you get a 529 tax deduction in your state? How much would it be worth? Another poster pointed out that with the deduction, the 529 was comparable in quality to investing in a HSA, and the penalties if you end up not using it for education were pretty minor.
Essentially, if you withdraw the accumulated income (not the original contributions), and use it for something not considered a higher education cost, you have a 10% penalty on that income. But it grew tax free for many, many years, so may be a wash. You could also take that money and top off your 401k, and get the tax deduction there (if you don't always max out your plans, this is a great benefit).
Currently, there are 327 foreign schools that are qualified as 529 institutions. It appears pretty easy to find a way to spend eligible dollars on IT equipment and room and board for the student, (money does not go to the institution) as long as they are enrolled. The biggest risk is if the student NEVER goes to college, and then the risk is a 10% penalty on the income (that grew tax free for many years).