@ cougars- I just want to clarify a little information given by comparables. You can claim the credits if you have a felony drug conviction, you cannot claim them if the felony you were convicted of occurred while you were receiving federal financial aid. The same goes for misdemeanors as well. If your misdemeanors occurred before you were in school, you can still receive financial aid and tax credits.
This was an amendment to the Higher Education Act that was signed into law in 2006. The law loosens the previous amendment of section 485 that was signed in 1998, allowing past offenders to have access to higher education.