Do you think these are signs of an emotional parent. And if so, what should I do?

Sounds like your mother has a psychological disorder including but not limited to bipolar disorder, or narcissistic personality disorder. Maybe next time she has a break down you should tell her you think she needs to be on medication. If she truly has a chemical imbalance of the brain- you have to cut her some slack. Also, whoever told you that you are forbidden from taking out loans was mistaken- your parents have probably already taken out loans in your name. You can be emancipated at 16, I paid my way through college from day 1 with as an emancipated out of state student.