Just tell him you're gay. Don't just blurt out that you love him. Just say that you're gay and see how he reacts. I'm in 8th grade and I came out to my best friend today, I didn't say I had a (flaming hot) crush on him. He responded that he totally supported me and also told me that he was straight. He says that I'll be his best friend no matter what, gave me a hug and said good bye like he always does. I don't think much changed. If he still acts normal at school tomorrow, he's one hell of a friend.
Edit: You guys are in your freshman year of college, has he ever had a girlfriend? Usually he would've went out with a few girls if he was straight. I'm not saying this applies to everyone but if he hasn't had a girlfriend, then you have a good reason to assume he's gay. I noticed that having a gay pride accessory is perfect and makes it really easy to come out. I don't have to tell people or shove an announcement "I'M GAY" in people's faces. They see the bracelet, they ask if I'm gay, I say yes, and that's it. This is the bracelet I wear everyday. http://www.amazon.com/Gay-Pride-Wide-Silicone-Bracelet/dp/B005N8B850/ref=sr_1_5?ie=UTF8&qid=1380597900&sr=8-5&keywords=gay+pride+bracelet