I'd agree she's probably better off getting 5 lbs alfalfa pellets than 7 lbs of a 12% all stock feed. It's going to be higher protein with better quality amino acid profile, and lower NSC. I generally like to see a horse get a vitamin/mineral supplement as well, especially when they're not on fresh grass (since vitamins A & E and omega-3 fatty acids degrade especially quickly in hay), but if finances are tight you could probably forego that for now.
“The horse is a mirror to your soul. Sometimes you might not like what you see. Sometimes you will.” - Buck Brannaman
"Nothing forced can ever be beautiful." - Xenophon