No, but the answer is to make the other rapists and frauds those convicted of violent crimes also ineligible, not to legalize drugs.
As far as everyone else, I'm not sure it is good public policy to have an across the board denial, either. Kid gets a conviction at 18, does his time, pays his debt, trys to get his life together, wants to further his education - why should he not be able to obtain any loan guarantee any other student can have? Is their really any doubt, statistically, that obtaining a college education would reduce the likelihood of recidivism?
It is grandstanding, nothing more, to apply this policy to drug crimes.