If you want to use a "Senior Name" because you dont want colleges you are applying for to look at your Facebook Timeline, there is a better solution... You can just make your Timeline not searchable. Go Here https://www.facebook.com/settings/?tab=privacy
and look under the section titled "Who Can Look Me Up". Just change that setting and they wont be able to find your Timeline if they try to look up your name. Yes. It's that simple.
If you are still paranoid, just make sure all of your posts are set to "friends only" and never post anything publicly. Also change the settings for all of your albums to "friends only". That's as private as you need to be in order to prevent ANYONE from seeing your stuff.