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If I were in this situation, and my boss/company was as great as you say they are, I would talk to him. Tell him that you've been offered this fabulous opportunity, and you want to take it, but you don't want to burn any bridges with your company, and would love the possibility of being able to come back after you graduate.
Maybe they'd let you stick around and only work one afternoon a week (just 4-6 hours). That would keep your foot in the door, give you a little extra wiggle room in your budget, and still allow you to go to school.
Bottom line, I would talk to your boss. Maybe he has some ideas that we haven't thought of to make things work, because he knows the company and people, and we don't. As is said with every type of relationship on this entire board, communication is the key. Talk to your boss.
Good luck, and let us know how things work out. =)
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Don't trust anything that can bleed for a week and not die. Oh wait, that's me... nevermind... you can trust me. 
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