Well, for what it's worth, there is some great advice here and it is a tough call. Education is paramount but there will always be "that one" vehicle in your life that you will at some point regret having sold.
My 2¢ would hinge on the quality of your '60 and the degree of your Cruiser madness. If your rig is completely rust free, body damage free, and of low mileage then I'd consider hanging onto it.
If you won't be able to take advantage of your Cruiser's off-road capabilties while in school, store it for the duration of your education (save vacation trips), start a Cruiser resto-mod fund for the future, and take the good advice already given to find a cheaper mode of transport. Gas alone will kill you on a student's budget.
My regret? Having sold my cherry '75 FJ-40 that needed some t-case love a month before kicking off my freshman year in Colorado of all places!

Although it was quickly replaced with a brand new 4Runner (read parental concern similar to yours), I to this day, miss that rig.
Prioritize your education, consider your circumstance, weigh your future options, then pull the trigger and never look back. Who knows, by the time you graduate, there may be that "next best thing" that you just can't live without.
Best of luck,
-dogboy- '87 FJ60