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TSAC facing shortfall in funds

The Associated Press reports that the Tennessee Student Assistance Corporation is facing a $15 million shortfall due to an increase in financial aid applications.

The Senate Education Committee has approved TSACs request for additional state funding, but the measure must be approved by both houses in the General Assembly.
The Associated Press reports that the Tennessee Student Assistance Corporation is facing a $15 million shortfall due to an increase in financial aid applications.

The Senate Education Committee has approved TSAC's request for additional state funding, but the measure must be approved by both houses in the General Assembly.

The corporation was allocated $41 million for student grants, which will be depleted earlier than last year because of the new HOPE lottery scholarships. Both the TSAC grants and lottery scholarships use the same application: the Free Application for Federal Student Aid.

Applications have more than doubled, with 64,917 students seeking aid this year compared to 26,741 last year.

Some experts are calling for a one-page alternative application for the lottery scholarships, similar to the one used in Georgia.