Obviously your education has to come first- so if your training is disrupting that, then you have to prioritise.
However, if you are reasonably fit then I think 14 months is enough time to reach Marathon standard (i.e being able to finish and with a time goal in mind). Or, you could train for a Half and get a very good time. Either way, if you are going for a full marathon it would be a good idea to build up the distances gradually and enter a few shorter races so you get a feel for the atmosphere and how races 'work.'
I was very unfit and started jogging in October 2010 (after having built up a tiny level of base fitness for a few months from swimming 2-3 times each week). I couldn't go half a mile without needing a walking break. I joined BMF classes and in February 2011 managed to run a mile for the first time without stopping, in about 7.5 minutes (have got that way down now!). Entered my first race (10k) in March. First half marathon in October (under 2 hours) and my first Marathon this weekend (injured, so will be happy just to finish, but my estimated pre-injury time was 3.55-4.05). I'm terrified as it is so I think diving straight in without having first tried shorter distances would be very daunting. Marathon training is a bit of a slog and you'll have to give up some of your social life and a lot of free time, but it is do-able. My personal ambition was originally just to run 10k, but in time I stretched that to a half marathon...until the day came when I thought 'sod it' and signed up for the full 26.2. So you don't have to decide on your goal now...take small steps and reassess at each stage.
I may regret having made that decision but for now I'm totally psyched about it. Just don't underestimate the training needed and what it takes out out you physically and emotionally.