Should I accept a guilty plea for possession or go to trial and try to fight it?

We were in his car, near a school zone and basketball court. Cop found a little bit of weed in a baggie in my friend’s suitcase and his bong under the backseat. My friend lied and said it was mine, me being dumb, told the cops I had smoked out of the bong and that I knew people who we could set up a controlled buy for at my college. Now I'm facing the choice of either pleading guilty to possession or fighting both a possession and paraphernalia charge for both things that weren't mine. I have a week until this court date. If I plead, will I lose my financial aid I'm currently receiving and how hard will it to get a good job? Is it worth fighting? Would I get charged with constructive possession because I told the cop I smoked out of the bong so therefore I knew it was there? Also, am I only getting charged, or are we both? Is there a chance I could win this case? I also have a prior arrest for possession, paraphernalia, and corruption of minors. This never was acted upon. Occurred on April 27th 2015.