Got a collections notice for 145$

To make a long story short, I'm 20, and made a few mistakes regarding my last bank account. Basically, I didn't manage it right and had a few charges onto it before I was ready and had it suspended, along with the outstanding balance reported to ChexSystems, along with a collections notice. I know with ChexSystems, it only stays on your record for 5 years (and there's second chance banking, which I will take advantage of), but I've heard this collections notice will stay on my credit report for 7 years. Will such a negligible amount really adversely affect me? I plan to be going to college soon, and sometime down the road (probably graduate school time), I'll probably have to take out some loans that require a credit check. Will this one small mistake of mine really ruin my chances? I'm frankly, very worried. I hope I can get some peace of mind out of this....