It's reasonable; in fact, it's really selfless of him. He has his priorities; in fairness to you, he doesn't want to enter a relationship where he can't give you the time and energy. Thus, he is allowing you to remain free to date another guy.
Most Helpful Girl
No, it just sounds like he has his priorities set well. School is a bit more important than worrying about a relationship.
Back in high school, I staying focused in my studies (despite much female attention) allowed me to graduate in the "A" honor-roll with faculty commendations. That helped me get into my first college of choice, without bothering to apply for any other university, as the common advice.