I believe that first, high school relationships are rarely worth holding on to. She will probably learn that the hard way if she is giving up the chance to go to a university just for a guy still in High School.
Second, it is okay that you tell her you like her (assuming that it is necessary for you to get it off your chest).
It is whether or not you ACT on it that you should start considering a moral dilemma. There is nothing ethically wrong with saying to somebody that you have feelings for them, especially if you have been holding back for a while and you need to let it go. As long as you don't expect anything in return... [Really. You can't say I like you, then say please leave this guy and date me]
Lastly, I think the best idea is to let her go. You'll be miles away from each other and your minds will be in several different places. College will be a great place to reestablish who you are and find someone perfect for you. That's exactly what happened to me.
I went into college single (begrudgingly) and in two years, I had two girlfriends. The second, I intend to marry.
So you can do it, but only if you don't expect things to change.