<p>1)I did my EFC and it came to be around 22,000. What is the 22,000 out of? </p>
<p>2)My parents are planning to take out loans to pay for my college education which they plan on paying off by selling one of the houses after I graduate. However one of my uncles said that all loans would be under my name. Is he right?</p>
<p>verbalizing, the Parent Plus loans are not under the students name, really. I think that if you honestly haven't any alternative, then your parents have a good idea. Obtaining the loans, you getting your schooling, and then having a backup plan which would pay off at least the bulk of the loans without working two jobs is really smart. Now, the other types of loans are normally under the students name.</p>
<p>I do not truly understand question number one. The efc is like the money you have to pay, basically.</p>
<p>Being a first timer myself I am still stumbling through this entire process and someone else will no doubt be able to explain this all much better and point you to previous posts, links etc. but basically EFC is the estimated amount that you/your family is expected to pay towards your tuition/college costs based on your income and value of your assets (yours and your parents); it is determined by the FAFSA that you will need to complete in order to apply for any financial aid (this is a form you complete that is similar to a tax return where you report income, savings, assets f- or both student and parents - for the previous year). Colleges will look at this information when they determine your financial need; basically your financial need will be tuition/costs minus the EFC amount. </p>
<p>Loans used for college do not have to be in the student's name, only actual student loans (and often students may need a co-signor). Some student loans will be determined by the school such as federal Perkins and Stafford loans and these would be included in the financial aid package they offer you, but there are many other loan options available to both students parents including Parent PLUS and other private/alternative loans. Check out sites like Collegeboard and SallieMae for more information about EFC and college loans.</p>
<p>Well spoken, scansmom.</p>
<p>Now only if people can figure out mortgages, credit cards, and the National Debt.</p>
<p>..."my EFC and it came to be around 22,000. What is the 22,000 out of?"</p>
<p>Use the calculator at FinAid BEFORE submitting your FAFSA. It will break down exactly where the 22K came from-- so you can try to manage your financial situation to your advantage (legally) before completing the FAFSA.</p>