Um depends how frequently, but like I've done coke in the past and plan on doing it in the future. It's somewhat common at my college (top state school so take that as you may). If it's like daily and they're pathetic, no. If it's like weekly or so and they still succeed, yes.
I think the whole stigma against drugs is a bit excessive. Like, I've done p much everything except heroine, crack and meth, and my ass is still on the dean's list every semester and working four jobs during the school year. It's just that a lot of ppl kan't take.