For my college papers and programing projects I will most likely need to put the rich text files on a disk, will a floppy drive for my mac 12" laptop be able to make disks that a basic PC floppy can read off of?
Rower oversimplifies a bit, it's entirely possible to format a disk for PC usage on a Mac. But it's a little more complicated so yes, it's a better idea to format on a PC first, because the Mac just adapts to whatever format the disk and files are in.
BTW, this is true for not only floppy disks but all removable media. I recently helped my cousin move PS files between college (macs) and home (PCs) on zip disks...