Are you in school for sound design? I can speak from the side of being an engineering major in college, which is similar in that current knowledge is valuable to employers.
I graduated and decided to go into audio/visual instead of a field related to my major. After a year and a half, I decided I wanted to go back to engineering for more money and better hours. Even though I had been working, had more leadership and work experience than almost anyone at the job fairs and hiring folks I visited, the question I got every time was "where were you for a year? why weren't you doing engineering?", and there was very little . I stayed with A/V, which was a good decision for me in the end, but it made me realize that current, fresh knowledge is most often valued.
My advice: take a year off in the middle of school to do this internship. There are two reasons I think you should. First, you will be able to come back, finish your degree, and have everything fresh in your mind as you seek employment. I would take off as soon as possible in your studies so that you don't have gaps between high level courses. Second, it will help your employability. If I had to choose, just on paper, between a recent grad and someone who has been out of school for a year and has not used their degree at all, I'll pick the recent grad. The other thing that happens is you will instead of being someone who has been out of the industry for a year, you'll actually come across better with the internship being while in school. You'll have a leg up on claiming leadership and real world experience over people who just went straight through school. By graduating, you show that the year off did not effect your course studies and you're just as sharp as anybody graduating, but with some extra bonuses.
Keep in mind some schools plan major course requirement changes that could effect you if you're absent when the change happens. There are also a lot of courses that require consecutive semesters or quarters to complete.
Again, my advice isn't exactly geared towards employment in sound, but hopefully it helps. I'm sure others who have taken a more direct path to sound can speak to employment after college. Good luck!