A few questions

I'm a high school senior at a CPS school and I wasn't able to get into my first pick but Loyola is up there. Just have a few questions about the whole college process.

My family doesn't really make much but I was able to get the full 26k merit scholarship. I noticed that there is a residency requirement at Loyola and I would prefer to get out of it. I'm just wondering if anyone has managed to succeed and how easy/hard it was for them. I understand the benefits of social life and whatnot but I don't see the value if it will give me more financial burden.

I also managed to get an invitation to apply for the Honors program and I've read a bit about it, but how does it apply to the core curriculum (does it replace certain classes or add more) and can I use any AP classes to waive honors courses?

Lastly, when do financial aid awards typically come out? I know you get in the mail from January to another month (forgot which) but is there any typical time they release?

I've applied for a major in mathematics if that is any help.

Thanks for reading.