No you will not lose your license. As you said, you have a spotless record. What will happen is you’ll go to court. Sit there for what seems like bazillion hours, then you will be called up, judge will ask you how you plead (guilty, not guilty, no contest). If you say guilty, he’ll ask you to pay your fine and that’s it. Typically judges reduce the fine a bit from what it originally is. You can help this by being nice and cordial to the judge, and also all the clerks in the area (at the end of the day, you don’t know who’s friends with whom).
Pleading No Contest is really for car accidents, so if you later on get sued by the person you had an accident with, the court can’t hold anything against you because you didn’t plead guilty. The procedure for No Contest is same as for guilty, as outlined above. Since you weren’t in an accident, it doesn’t really apply to you. You can plead it if it makes you feel any better, but it doesn’t make a difference.
If you plead Not Guilty, you will have to go to Trial and s/he’ll give you the information on that. Trial is where you can argue the case and question the cop who pulled you over and basically play wannabe lawyer. Or you can hire the lawyer to do the same things. I do not suggest this route. You are a college student, I am sure you have classes and other things to worry about. You just want to get this over with and fast, just pay the fine.
Also, typically the ticket you got has a number you can call to find out the Fine you owe. If this is possible, do it, so you know how much money to have and also can say something if the judge is asking for MORE than s/he should.