Second Chance for Students Act This bill modifies federal student aid eligibility for a student who is convicted of a drug offense involving marijuana possession. Under current law, a drug offense conviction involving the sale or possession of a controlled substance triggers a suspension of federal student aid eligibility for a specified period of time. This bill allows a student who is convicted of a drug offense involving marijuana possession, without the intent to distribute, to resume or retain federal student aid eligibility while completing a drug rehabilitation program.