There's no reason you can't do both. I worked for a web dev company while going to school at the same time and it was certainly difficult, but I learned a lot about priorities and juggling things of equal importance. Got 8 hours of work to do plus a paper due the next day? You'll learn some valuable lessons. Getting a degree is a lot more than just learning some skills.

As far as your development skills go, Read looks like a great app. If you're young and already cranking out stuff like that, keep at it and you'll go far. You'll be taken seriously as a developer more so by the things you make than by the papers you hold.

One suggestion on your site, make a beta signup form to make it as easy as possible for people to show their interest. It may not seem like a big step, but having to copy that e-mail address out of the alert box and then composing an e-mail is enough to prevent someone from following through.