That is a competitive score for a child of her age; however, there is certainly room for improvement. To answer your question about interpreting these new scores – there are numerous resources, posted on this site and throughout the web (like the 2016 Concordance Tables, for example), that can tell you how this score might compare to previous SAT scores, which information you could then use to see how she compares in a larger historical context; however, one of the benefits of her having taken the test at such an early age, and really of her not being a member of the first two classes to take and submit the new SAT for the purpose of admission to college, is that by the time she is actually applying to college, not only will her score have improved but you will have much more information on what different universities typically expect on the new SAT for admission.
But it’s a LOT easier to apply to five-seven schools. Don’t apply somewhere “just to see” or because you “might” like it. Apply to schools you’re really acquainted with–ones you have a lot of information on, preferably ones you’ve visited if that’s within your means. Applying to a ton of schools means writing multiple essays (even if you do the Common App, there are supplements) and paying application fees and miscellaneous fees, such as those to send test scores.
(The one about starting the Common App early is a good idea, even if you have no idea where you want to go! Your essay and the boring information can be done over the summer.)
The application process is more rigorous than most college admissions procedures, and each application is given serious, thorough attention. Completed applications are due in mid-January. Each application is evaluated by two or more of our trained readers, most of whom are current college students who have participated in Telluride programs. Promising candidates are interviewed in March or April by regional representatives of Telluride Association. If you are selected for an interview, you will need to request a transcript and letter of evaluation immediately following notification from Telluride Association in early March. You will also be asked to submit an additional essay you wrote for school. (Further instructions will be given at that time.) In late April, using all the accumulated information about each candidate, the Summer Program Selection Committee makes the final selection of participants and alternates.