<p>My husband and I worked full time for the last 3 years. Now, we’re transferring to a 4 year university and saw that our EFC is $14K each. However, there is really no $28K (combined together) lying around our house nor bank accounts to cover the cost of our schooling. We’re very independent and have been paying our way in our community college. I’m not familiar with private loans. We tried looking at Salli Mae and most likely we’ll get a loan from them. My question is, when can you take out the loan (we’ll need money to relocate)? What are their restrictions? Thanks!</p>
<p>bump 10 char</p>
<p>I think Sallie Mae and Nellie are out of the private loan business. No money.
[Business</a> - WSJ.com](<a href=“http://online.wsj.com/article/SB121012119396472359.html?mod=yahoo_hs&ru=yahoo]Business”>http://online.wsj.com/article/SB121012119396472359.html?mod=yahoo_hs&ru=yahoo)</p>
<p>I think you should look at how FAFSA determines “need” </p>
<p>I think you need to read this in this forum, Financial Aid and Scholarship, started by Taxguy. : and plan for 2 years hence.
What a CPA is told to tell clients for financial Aid</p>