You will not get any extra consideration for having an outstanding student loan for a parent. And, you won't get any extra consideration for having a car loan or mortgage.
Debt is considered to be a personal choice.
Most schools do not meet need, so for many people EFC doesn't make much difference. Many state schools do not give any need-based based aid to students whose EFCs are beyond Pell eligibility. Many private schools do not meet need, either.
As for "free money" (grants), FAFSA EFC mostly only determines eligibility for Pell Grants which is for lowish income students only (those with EFCs below 5000).
EFC tends to be roughly 20-25% of your income if it's around $80k....and tends to be about 30-33% of your income if it's around $120k or more. This is rough...and will certainly be higher if you have significant assets. That said, income tends to drive EFC the most.
Schools that give the best aid usually also require CSS Profile.
If you're concerned that you'll have to pay more for college than you can afford, then it's a good idea to look at schools that give merit scholarships. Since your son is only a soph, he has time to work on his stats.
