I'd just stick with your schooling. Don't give that up on account of the arrest. Nothing is forever.
Real talk, Tim Allen was arrested for smuggling cocaine through a fucking airport and he went on to become a seriously paid actor.
You don't even know whats going to happen with this case anyway. Wait until the judges gavel hits the deck before you enter panic mode.
I advise getting a lawyer, getting your story straight and stick to it.
The lawyer will definately cost you some money but it'll be way better than some public dfender who will no doubt be too busy checking his myspace during the proceedings rather than getting your back.
But above all, keep up the schoolwork. If this is your first time, you will probably get community service and some fines.
I'd also take some time to go through the legal advice threads on this site and glean any helpful advice from others that have been through the same thing.
Good luck, stay in school