<p>Just a couple of points:</p>
<p>The OP asked: "Does this status entitle us to the maximum amount of financial aid. And if so, would financial aid for use include a majority of loans."</p>
<p>The answer is not that complicated. Any family with an income of less than $15,000 gets an automatic ZERO EFC. </p>
<p>Given this, I think it is a mistake to focus on possible merit aid for the college selection. The OP would be better off to check the need bling schools that meet 100% of need, and then check the typical loan amount offered. I read the recommendation to check Mt Holyoke as it fits several criteria. However, the generosity of Mt Holyoke is tempered by its larger than average use of LOANS.</p>