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No matter whether you adopt this child or someone outside your family adopts him or her, the birthfather will have to sign the relinquishment papers too. All states require voluntary, informed consent of BOTH parents nowadays, not just the birthmother.
It sounds like you're being supportive of your daughter in whatever she chooses. She's going to require counseling with a non-biased adoption counselor, so she can explore her feelings about relinquishment. Please be aware that relinquishing a child for adoption does have lifelong ramifications for both mother and child. It is not a decision to be made lightly, or without a lot of emotional preparation.
Have you discussed all the options with your daughter? And have you considered having both mom and child live in your home while she finishes school? It won't be easy for her to raise a child while going to school and/or work. But it is possible, especially if you're there for her and the baby.