You may have to wait and restrain yourself, but I wouldn't totally abandon your feelings. Keep it professional, but stay in contact with him while he's attending the University. Help him out, be a good mentor… keep that aspect of your relationship legit. You may even get some "hints" if you keep in contact with him like that. If it feels right, maybe when he's approaching graduation, bring up your sexuality and/or interest.
As has been stated, your primary concern should be for your career and personal safety in situations like these. But I don't believe in permanently blacklisting an individual. Life just isn't that clear-cut.