MattHarr - Though I am not an expert in MBA interview questions/answers. However I feel these questions basically are trying to test your honesty.
Most adcoms would know that tution funding for almost all students happens through student loans. Hence at this point being honest that "You would have to fund through student loans would be a good idea. Also mentioning that you would need schols is good. However we dont necessarily have to mention that "my financial condition is not good". Since that can be a set back.
Consider a scenario where you are do not get a placement from the college? What would you do? Hence if not specifically asked about your "Financial conditions" its better not to comment on that.
Second, Have you applied to other Colleges? Thats a trick question, why?
Because this also tests your honesty levels, If you say no. They would outrightly know you are lying. Worse if you prove to them that you have only applied to 1 college could be completely disastrous. Since that would not reflect good on your part. It would mean :
Either you are too confident/careless.
Or you are plain stupid.
This can directly driven from the fact that the number of applications recieved by any college and the number of applications rejected. Selection chances are pretty slim/candidate.
So the answer to last question should be "yes I have, Name all colleges that provide similar stength and are at par with the college/course where you are being interviewed". You have been asked "if you have applied" not "have you applied and how many have selected you".
Keep selection details out again. Until specifically asked.
Let me know if this helps.