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Your EFC is the "Expected Family Contribution" for your education.

Your Student Aid Report should tell you exactly what loans you are eligible for (if any). There are ParentPlus loans that your parents take out, there are Federally subsidized Stafford loans, and there are unsubsidized loans. That should all be on the report you received.

Any financial aid money first goes to your college. They take out tuition and any other bills, and after 30-45 days they give you the amount that remains for that semester. Of course private loans are paid to you directly.

That EFC means you will not get any grant money so you will be limited to a $5500 student loan. That amount won't even cover tuition at 4 year schools, so no it won't be able to be used on rent. If you want to move out, plan on working full time to pay for your living expenses. You'll also need your parents to cosign on private loans unless you get scholarships to make up the rest of the money.