Well, here are a few things I've personally learned with the use of psychedelics, and, to an extent, drugs in general:
Everyone "hallucinates", whether they're concious of it or not.
These hallucinations are sort of a merger between your regular vision (based on the imprints of light burned on your retina, e.g. looking at a lightbulb). And your Pineal gland (mind's eye, third eye).
As human beings we hallucinate all the time, whenever we converse with one-another, we "picture" objects and concepts in our mind's eye.
As for psychedelics and school, not an easy thing to do, but trust me it is indeed doable. And the rewards/consequences are plentiful.
It's fairly easy to theorize but very challenging to apply. Something involving responsibility and determination and threading the two together with some educated planning.
Increasing memory recall/storage ability, concentration, attention span, creativity, the learning process, etc. can be done on LSD, but be warned: neurosis and psychosis must be accounted for (in a Freudian sense).
That's just my personal inference though. I can probably just be excused as insane =)