What kind of legal repercussions am I looking at for possession if this is my first offense andI am a student in college?

Part of what can happen will depend partly on the school you are attending and partly on the jurisdiction where your case is being prosecuted.  You need to look at your student hand-book and see what the reporting requirements there are, if any, for this type of arrest.  Some schools will not expel you for the felony arrest, but will expel you for not reporting it.  Other schools have policies where if you report the arrest and voluntarily enter rehab, they will not count the arrest as as strike against you.  On the flip side, some schools do not have polices-- only your hand-book will really lay out your options.  You don't mention whether you are receiving student aid or a scholarship.  If you are convicted of possessing of a controlled substance, it could interfere with your student aid.  Again, how it the conviction will interfere will depend on the type of aid that you receive.  You should also know that once you enter a plea on the drug case, your driver's license will be suspended for a period of time.... which will may commuting to school somewhat difficult if you are a commuter student.  With regard to the criminal side, if you are a first time offender, you will mostly likely received a deferred sentence.  A deferred sentence is like being on a strait probation, except you are not officially "convicted" of the offense.  This is an incredibly important distinction when it comes to student aid funding.  Every jurisdiction is different, but some will offer a pre-trial diversion option for young offenders.  Essentially, you do everything that would ordinarily be required on a deferred or strait probation (like pay fees, complete community service), but at the end of your diversion program, you case is dismissed outright-- which means that you can honestly answer "no" if you ever have to answer the question "have you ever been convicted of or placed on deferred adjudication for a felony offense."  The facts of your case may also present some additional options.  If you can afford an attorney to review your case, try to find one that is familiar with the county that you were arrested in.  If you cannot afford an attorney, you will need to petition the court for a court-appointed attorney.