This does sound a little extreme, but I suspect it indicates most about how she viewed the situation.
I don't know what you have said exactly to her so far, but perhaps you should get her thinking about the good things she has by staying at her current university- ask her what she likes (or, if she is very sad, then what she liked) about being there in order to get her thinking about what she will be leaving if she chooses to go ahead. Though don't say as much, just bring it up to let her dwell on the ramifications of what she is proposing.
I think that you need to draw out her thoughts about the situation, about where it was going and contrast it with the reality- what you describe sounds more akin to protracted dating than a relationship. Perhaps do this by getting her to look at the way other friends conduct relationships.Again, though, have to be fairly subtle!
An important point is that she is punishing herself for the behaviour of another. In the aftermath of a relationship it is difficult to attain equilibrium and she sounds very down, so no doubt this exacerbates things for her. Clearly, though, the hopes she had for the relationship were not shared by the other party. Why do this to herself for someone who is not worthy of it?
You don't mention whether she has made serious, albeit informal inquiries, to the other universities. As you say, time is short, so *if* she was serious I would think that things should be reaching an advanced stage by now.
Finally (!), if she is adamant about making a change then I suggest she might want to go for some person-centred counselling. It can help when someone is facing a major decision.