Congratulations, hope all goes well for you. Enjoy the next few months because your life will change out of all recognition after the baby comes.
As for studying, whether the college allows it or not, I think it would be virtually impossible for you to start a course and then miss a huge chunk of it and do well.
No matter how good your family is and what childcare is available, you will still be mentally and physically shattered for a good few months after the baby is born. It's the nights that wear you down. Bad news when you think 4-5 hours sleep is good going! Trust me, I've had 3. You may be lucky and have a good sleeper, but that still takes a while, and can't be guaranteed. Also, once they start to sleep well, they generally start teething and you are back to square one!!!
As an earlier poster says, even though the fees are higher if you defer, the threshold is 21k before you pay back. I think this is your only realistic option.
Be prepared though - it will still be harder than you think. I am in my final year at uni. I started as my son started primary school aged 4, and my daughter was 2.
Family were great, but outside lesson time the kids were my responsibility. You are expected to do an awful lot of work in your own time outside lessons. You can't do well if you don't. This is hard to do when little ones are demanding your attention. Even when they are not wanting attention, they are still a distraction, playing normally, when you are trying to concentrate and get some work done.
I wouldn't swap my kids for the world, but I do get jealous that the other students on my course have it so much easier, especially when assignments are due in or exams are coming up.
The very best of luck to you. No matter how hard I made it sound - go for it. You will regret it if you don't. Don't live life thinking of what might have been!