It’s tricky because the bonds are in your mom’s name also.
What type of account are they in?
In general, any securities in your name would be considered assets so the college will take 5.6%“cut” of it, UNLESS the bonds are in a retirement account.
Securities in the student’s name would be assessed at a 20% rate.
When you convert any asset into cash, it will probably increase your income, which means that next year’s EFC goes up.
From a “keeping the EFC low” pov, the best arrangement would probably be for your mom to hold the bonds in her name and pay the bills. I don’t know what impact that would have on her taxes though.
Also the suggestion to look at schools that award merit is very good.