If you don't tell him, you might end up regretting it for a long long time until you meet someone who can replace him.
If you tell him and he doesn't reciprocate, things will be awkward at first between you two. But from personal experience, I can tell it need not remain so forever, if both of you care for your friendship. With him being in univ, it might be easier for you to return to normality the next time you see him. But there's the risk. You risk ruining your friendship for moving ahead in your relationship.
If you tell him and he reciprocates, there's the issue of him being in univ. You'll be separated and that can cause a lot of frustration and you might end up breaking up even before you get to properly enjoy your new relationship. But a lot of long distance relationships survive as well.
Personally, I'd say you should give some hints and see his response. If its in the negative, you could save yourself some trouble and salvage your friendhsip. If it's in the positive, you could go for it.