For the benefit of the original poster, let me clarify my opinion.
1. Unless it is a fair use, what you propose to do is unquestionably copyright infringement unless you have consent from the copyright owner.
2. The fair use test is somewhat amorphous, and it is difficult to form any solid conclusions. In almost every case, there are arguments on both sides. Off the top of my head, it seems that you are clearly on the wrong side of two of the four prongs of the test (the work is creative in nature, and you propose to reproduce it in its entirety), but almost certainly on the right side of the other two prongs (your proposed use is non-commercial and likely would not affect the market for the original or licensed derivatives). By the way, giving credit (either to Ms. Womack or the songwriters) is irrelevant.
3. Irrespective of the legal analysis of the situation, whether or not to allow this is ENTIRELY within the discretion of the yearbook committee. In other words, even if, from a legal point of view, there was no question that you were in the right, the committee could still deny permission.
4. I am not advising you or even suggesting what you should do. You certainly can seek to persuade the committee that there is no legal risk, and you may well succeed in doing so. Of course, that may require that you familiarize yourself with the fair use test so that you can make a persuasive argument.