What is your degree going to be in?
If you are doing an engineering or CIS discipline you may find that some parts are complementary to an ATPL.
I should'nt worry about lack of time, you could show minimal attendance at lectures during the year, whilst studying for your ATPL and then after Easter swot like a b@$tard for your end of year exams - like the majority of students (the ones you'd want to drink with anyway!).
Apart from that there is the oh so long summer holidays to get lots of ATPL work, groundschool and exams in.
Also you might as well join the UAS and try to squeeze out a few free hours.