Yes, it's all about taking the chances that you have and managing expectations, isn't it? DD would love to get a salaried job in illustration at the end of it but those are extremely rare. Making a living as a freelancer would be choice two, but she knows that would mean initially having a "day job" which still allows her enough free time to work on art (so not something high powered), until she becomes established. Choice three is a day job with art as a sideline.
She's realistic, while also giving it her best shot. Luckily for us all, she has very inexpensive tastes, and would love (if possible, depending on the job) to live in a cosy little place in a small rural town rather than the big city!
She's also considering a master's. ARU/CSA offers a 20% tuition discount for its own grads, and runs a genuinely world-leading course in Children's Book Illustration.