Rules associated with eligibility for financial aid are entirely separate from criminal law, but Federal guidelines generally require that any student convicted of a drug offense will be prohibited from eligibility (check with FAFSA). That said, however, under the facts you provided, you probably received a "Class C" Misdemeanor citation. Every jurisdiction is different, but if you have a clean record, these are typically disposed of through "deferred disposition", which is NOT a conviction. Terms are usually 90 - 180 days with no new offense along with Court fees. Contact an attorney who is familiar with your municipal court.