Advantages
It could serve to motivate you to learn.
She could serve as a emotional support in your times of need
You may not be worrying about whether you will find that special someone all the time.( lots of guys just do that..)
You can learn a lot about relationships, and even hear her views on various things. Basically make you a fully rounded individual.
Disadvantages
She could distract you from studies
She could play havoc your your emotions, (fights, jealously, possiveness)
You will lose money like water on a waterfall ( OK lame analogy, but hey! I am anon!)
You can use your time doing lots of other constructive stuff like programming, building hovercrafts, or you know learning Japanese.. Lots of cool stuff out there. Stuff you can do with friends, college time is when you make memories with friends.
But hey! I don't know much, I never had a gf...
In the end if you notice the could and may I used you should know it all depends on what kind of person you both are.
And of you love her, how can you give her up? When did love start listening to reason?