I've thought about it. I've looked for it. I'm doing better in school so I can go. I have a 2.6 GPA and she goes to Ohio State. The chances of me getting in there are small, and the chances for a scholarship are almost non existent. But I will try.
If it's the right decision for YOU then it wouldn't hurt to try. Being Australian I'm not overly sure if a 2.6 GPA is good or bad. But what I do know about university is that they aren't just looking at your grades. They're looking at you as a person. If you can show that you're willing to commit and grow as a person then you have an even greater chance at getting in.
She needs to learn how to handle being on her own while going to school, instead of being dependent on you or her mother to make her happy. It’s not necessarily selfish of you to want her to come home. But all you would be doing is breeding codependence.
If she cannot handle the costs associated with school and has no real options to get loans or grants she might have to drop out for a bit or slow down the pace with part time schooling.
She shouldn't be depressed about friends and wasting time, she should be buried in books and maybe even working to help cover costs of school.
She needs to evaluate her situation and determine if she has the ability and will power to make it work at school and also decide on what she wants to do about her personal life and how she handles that stuff.
If you're going to try and bring her "home" so she can waste away in clubs you need to make a good sales pitch that appeals to her irrational sense of loneliness.