I sincerely need to thank you all once again.
From reading this thread and all of your posts, I think that I was able to give my DD#1 some advice, reassurances and suggestions that really helped her.
About 2 weeks ago, I sent DD#1 an e-mail with some snippets of what was posted here, just to let her know that she's not the only one in this world that is going through what she is going through.
She replied back "Thanks, this did kind of help and made me smile with all your "LOL!"s. And just so you know, I didn't roll my eyes at all

"
I've talked to her since I've first posted, but avoided school matters, simple chit-chat whatca-doin' phone calls.
DD#1 called me yesterday. She sounded like my happy little girl again. She told me that she felt like the weight of the world was taken off of her shoulders.
She's been seeing her student adviser, she even went to counseling sessions, and she told me that she was no longer taking the fast-track to her career of choice.
I applauded her. She said that she thought I would be disappointed.*
It seems that the fast-track has about 1,000 applicants, and they only take the top 50. This is what she was working towards. Being in the top 50. This is what she was soooo stressed about.
They accept A students. She's a B student. She's even had special tutoring, etc., but she finally realized that she just doesn't make the grade.
She knows the material, she studies hard, but she has always frozen with tests, which is a majority of her grades.
She will still get a degree in her field of choice but in the job-world will only qualify for an assistant, not the star. Which, she realized, is fine with her. At least she'll be doing what she wants to do and then could go back to school for the specialized training.
Side note: DD#1 told me that she was a volunteer for today's city marathon ("UGH! I have to get up at 4:00 a.m.!) I told her that I was proud of her. So she is expanding her horizons and growing internally.
Again, thank you all for your help. While it still sounds like DD#1 still has a tough row to hoe, I think that she's in a better mind-set to do it.
*I reassured her that nothing she does would ever disappoint me AND that she's old enough to make her own choices without worrying about how I would feel.