You will meet interesting people, study subjects you may not have even known about, and also have a chance to explore yourself. At times it may seem as if you don't have anything in common anymore, and this can be scary. At some point, you may feel that this is true, and the two of you can reevaluate where the relationship is headed. But being apart can also give you an opportunity to share things in a new way. You will only be about twenty minutes away from one another, so visits would certainly be possible, and phone calls are likely to be inexpensive.
Most college campuses offer e-mail accounts to students, often for free.
You and your boyfriend are already setting yourselves up for success because you are communicating clearly about your feelings. This is probably the single most important thing to continue doing in order to make your time apart manageable. Since you live near one another, you may even want to set aside a special time each week to check in and talk about what's going on for each of you. If you're both busy with schoolwork or other commitments during the week, maybe you can get together during some weekends, and then there's those long holiday breaks, too. You will both need to listen carefully and hear the other's hopes and needs.