Well, I think the normal process for Uni projects is to spend about 95% of the summer going to partys - kid yourself that everything is under control, then suddenly panic a week before deadline and live on caffiene until you loose the whites of your eyes.
This, I think, is good practice for when you begin work...
But seriously though, I think you've made a good start by thinking about it now and getting the concept and story done way before you begin production. It's really nice to start modelling, rigging and animating when you have a firm idea as to what you want (In my early days I'd often create and rig a character, then think... 'well what am I gonna do with it?')
So yeah, pre-production is critical - run the story by friends, colleagues (Or here on Simply CG) for crits as the concept itself can make or break an anim. Even though you have plenty of time from now until the deadline I'd still not try to go too far with the idea (ie, don't try to write a sequal to Final Fantasy) Simple is best, as long as it is done well.
And as you still have plenty to learn, I'd suggest doing short animation tests to hone the skills before you begin work on the production.
Hope that helps - And Welcome to the forums