@patsmom I found this:
RULE §21.124 Initial Eligibility for Loans
(5) is eligible for federal financial aid, except that the student is not required to meet any financial need requirements applicable to other financial aid programs.
I think the answer to our question may be yes, this is an option for those with high EFC!
hmm… wondering if a National Merit kid at Texas Tech could get this 
They could make money by going to school!