Apologies in advance for the long response, but this question hits home for me….
It really does depend on the school, the sport, and what flexibility the school will allow in the curriculum she is interested in. My suggestion is to go with her, meet with a dean of the school and explain what she wants to do and see if they can make it work, before applying or enrolling. Finding the right balance between academics and athletics is something you are going to need to figure out for yourselves.
My son needed to work with the Dean of the Engineering school to get permission to vary from the universities’ prescribed course map (i.e. what class is taken what year/what semester). His current school (he transferred) is very accommodating and let him change the order of some of his classes so that he has a lighter course load and only one lab class during his competition semester. They also let him substitute two electives for other courses that were offered in summer school. He will take 8 credits each summer in order to stay on track for graduation in 5 years for what is typically a very rigorous 4 year major. You will need to have someone in authority on the academic side sit with you both and map out what is feasible for an ID major, when to take what class, when to fit in a coop, etc. I call out “someone in authority”, because you will want all this in writing! Prior to transferring my son spoke to another school where academic policies where very different and inflexible, and had he gone there he would not have been able to keep the major he wanted and still be on the team.
As others have said, my son’s D1 team travels almost every weekend. This semester he will be off campus for 7 consecutive Fridays, leaving either Thursday night or Friday early am, and if he had a required lab class that met on that day, or in your daughters case, a studio class, there is simply no way to make that up.
The athletes at most schools get early registration so it is a little easier to get a schedule that accommodates practices, but once you get into upper level specialty classes, which may only be offered once a year or have only one section per semester, your options are limited. It also helps that my son is a track athlete, which does not require him to practice with the rest of the team every day, but if your daughter is on a team sport (soccer, softball, etc.) she will need to talk to the coach and see how rigid the practice schedule is and what his/her policies are.
Granted every school is different, (and I have no experience with U of C), but the responsibility for finding the right balance will fall on you and your daughter. In my family’s experience the balance is more difficult than HS, both the academics and athletics are more demanding. In our case, both are contributing to the tuition bill and there is more at stake.