A college student’s life changed when he gets taken in the wing of a former street racer who comes out of retirement to stop a drug lord.

From Formula (link in header).
A [CHARACTER], must [do the ACTION/GOAL] when [a MAJOR EVENT occurs].

As an example check out IMDB 2000's "Gone in 60 Seconds":
"A retired master car thief must come back to the industry and steal fifty cars with his crew in one night to save his brother's life"

Hope you find this constructive for your logline, keep going.

The way your logline is framed, the main protagonist, the college student, is passive and looks like the former street racer is the active character. Like R.C asks...how hoes the student's life change?

How does his/her life change? Why is the change important?