Going to school is a full time job. If you have interest in doing 2 full time jobs and having the kids in child care for double the hours, plus paying all that overtime for care then I guess it's okay to work AND go to school...
The reason financial aid is so much is to support you while you attend school. That way you can devote your time to your education.
It is always too hard to work, go to college, and be a mom. It can be done but why? Your kids will get tired of being in child care 12-14 hours per day and your life will be nothing but going to classes, going to work, going home and crashing. Then having to make excuses as to why you didn't get your homework or papers finished. And why you are making C's and D's instead of A's and B's.
You go to classes 5 days a week or 3 or 2. You can pretty much decide what days of the week you want to go for your basics. Once you get in the program they have the classes picked out for you and you have less flexibility.
So I say go to school full time and have your evenings for your family.
Take classes on M-W-F and use T-Th for studying, library time, homework, readings, all the other stuff. That way your kids are in child care full time each day and they don't have to switch back and forth all the time.
Full time child care is each M-F from around 8(ish)am to around 5(ish)pm. The certainly don't have to stay all day but the do need to stay until at least after nap time to keep them on their daily schedule.
You will also need to take them, or expect to pay for the weeks they go and don't go each and every week year round. I let my parents that were students take off Winter Break and Spring Break but not the interim between Spring and Summer or Summer and Fall classes. That was just too much money for me to lose. The way I did it they got 3 weeks of vacation time with out pay per year. If they went to work they were expected to be there full time regardless.