Thanks again to everyone for your advice! The nature of this issue has made it very difficult for me to discuss to people I know so I turned to you guys. Just thought I would let you guys know what I ended up doing. After some discussion and thinking we have decided to put any notion of relationship on hiatus until after the semester finishes. Then spend some time getting to know each other discreetly over the summer and if we are both committed to making it long term he is going to disclose it to the admin at school. He thought about doing it now in case it got leaked over summer but after some discussion we have decided that its not worth the risk to his job when we don't even know if its something that will work. He can't be fired for dating a student but if its not handled correctly with the school it could affect his advancement (although he has been considering returning to practice).
While this is still not the most ethical solution at this time I am okay with it. I understand that the chemistry may still be there if we wait a couple more years but I don't want to spend years waiting (I know selfish). This way all summer when we can have a normal relationship (well more normal) and figure stuff out before dealing with all the red tape. he is not overly concerned with the school as long as he discloses it. His biggest concern is my classmates. Like some of you mentioned , his concern is that people may assume my good grades were a result of our relationship even though we were not even seeing each other when he evaluated me. He has assured me that he in no way has favoured me more than any other student when dealing with academics. He did teach me in the start of the semester but that was prior to any boundaries being crossed. He did admit that he does have students who are his favorites but when dealing with grades its all numbers and he marks everyone objectively. The other concern he had was that if we were to go public I will always be known as the girl who slept with her prof to my colleagues. So while he has more at stake in terms of his job his primary concerns over how this will affect me (which I appreciate). After thinking about this I still want to go ahead with it. Its about more then physical attraction. Theres something that tells me that this may be something that lasts ( naive? maybe but if I don't try I will never know).
Thanks again for all the responses! You guys are the best!