help: meeting someone at the wrong time

The guy ive been talking to for the past 5 months told me he wants to be in a relationship with me and that he only wants but is afraid because we're both going to graduate school in the next two years. He says he feel like its unfair to continuously deepen the relationship when he knows we'll have to break it off. What do you think? Is he just using that as an excuse not to date me? Is that a valid reason to be afraid of loving me ? Should we continue on?