Yes, you can let Belmont know about Loyola’s awards. I would advise your daughter to very humbly let the admissions officer know that Belmont is her first choice school, her dream school and that she would be there in an instant, except for the financial situation. That she does have a financial package from a school that is affordable but would so much prefer to go to Belmont, and tell them about it. Once she does have the Loyola offer.
In my experience, it is possible, even probable that a school would up the award somewhat…but usually, and again this is just my experience, they do not match the other package. There is usually still a gap, and often loan funds are all that is left. Just letting you know so that your expectations not way up there. By all means, tell your DD to give it a try but to manage expectations.