Sounds more to me like you are concerned with doing the best thing for YOU...not the best thing for the baby. Dude...it's your SON!!! Yeah the baby might be cramping your lifestyle and you might have to give up on your dreams but whether you believe it or not it will be worth it once you get out of the baby stage and move on towards toddler.
Mistakes have consequences...stop being selfish. The best thing for any child is to be raised by one or both PARENTS. NOBODY will ever care for your son the way you will and nobody will raise your son with YOUR values except for you. Giving the baby up for adoption is only setting yourself up for a whole lot of regret when you are older and financially stable.
I suggest you dump school for now...make an arrangement with your Aunt, maybe she can watch the baby while you are at work. And when you are not at work take that kid out shopping at walmart or the supermarket...babies are chick magnets for a lot of women and the GOOD women are always on the lookout for a responsible, hard working, PROVEN good father type of guys. Won't be long and you will have a girlfriend to help out as well.
I made a lot of personal sacrifices when my wife got pregnant 3.5 years ago and to be honest there was not much satisfaction with Fatherhood the first 15 months or so and I felt at times like I had made a mistake agreeing to have a child. But man it gets sooooooo much better. The turning point for me was when my son hit about 18 months and told me quite clearly one day "daddy I love you sooooo much" followed by a big hug. My heart just melted and in that one instance all the sacrifices I had made no longer mattered to me...all that mattered to me was raising my son and doing the best for HIM that I possible could.
Living my life for myself is over, I now live my life to serve his life and I love it!!! I work 10-12 hours a day but when I get home I wash up for 5 minutes then plop my tired butt on the floor and play with hot wheels cars with my son for another 2 hours and I would not trade that for the world.
You really should do what you can to keep that child...but if you just want to take the easy way out it is best to do it now because I guarantee you if you wait another year you will want to kick yourself in the butt because you won't believe you had actually thought about giving that child away...and you will also be very happy that you did not abandon your child when he really needs his daddy the most.