General Visit Visa for boyfriend (rejected) please help!

Hi everyone, I'd really appreciate your thoughts

My boyfriend is an Indian citizen and I'm a British citizen. His visa has just been rejected and he needs to reapply urgently, but I want to make sure the next application is watertight so I'd really appreciate some advice on how to correct the things they rejected him on. Here's some context:

I'm a student in the UK. He was doing an MBA in India but has decided he no longer wants to do it so hasn't officially dropped out (is technically still enrolled in the university) but is not currently studying. He has had 2 UK visit visas before - one in around March 2015 and one in December 2015. He visited the UK March 2015, June 2015, December 2015 and March 2016, staying for a maximum of just over a month each time. For each visa he provided a letter of enrolment from his college along with a letter stating leave of absence, and he also had an invitation letter and statement of providing accommodation etc. etc., first time from my family, second time from his friend's family. He included lots of info about what he was planning to do as a tourist etc. but we have NEVER mentioned the relationship as we think this could harm his application - they might think that he wouldn't leave (he's 24, male, unmarried...) But obviously every single time he's come he's come for the stated amount of time and left promptly with no issues.

So now he's not technically studying and is also not earning right now because he hasn't got a job yet, however when he goes back from England he's going to start an internship with an ad agency in Delhi who will be giving him some income. This wasn't formalised before he applied so we didn't think it necessary to include it, but now his application has been rejected. Here's what we included in the application:

From the sponsor in England (our friend)
Invitation letter for my boyfriend saying she will host him
Statement of invitation/sponsorship for the High Commission
Copy of most recent pay slip
Copy of passport

From his dad (who is currently supporting him)
Statement that he is sponsoring his trip financially
Bank statements from past 6 months (including income transactions)
Copy of passport
Tax docs

From Him:
Letter stating his full plans for the holiday (exact places that he wants to visit in Scotland and England, why he wants to visit at this time of year, things he wants to do that he hasn't done before)
Obviously application form (no mention of our relationship just tourism)

It has been rejected on these grounds:

'I am not satisfied that you meet the requirements of paragraphs V 4.2(a-e) of Appendix V: Immigration rules for Visitors because

I must consider your personal circumstances and I note that you have not submitted satisfactory evidence of your personal and financial circumstances. You state that you are a student at Bhagwant and have provided some evidence of this. However there is no evidence that you are continuing to study. The letter you have provided from the uni is almost 2 years old. You have provided no evidence of current studies. You have provided no evidence of income in India and no evidence of assets or savings. Without such evidence I am not satisfied that your circumstances are as stated by you in India and that you intend to leave the UK at the end of your visit as stated by you, and do not intend to live for extended periods in the UK through frequent or successive visits or that you are genuinely seeking entry as a visitor for a period not exceeding 6 months.'

We included the university letter because there was no end date on it and as he's technically still enrolled we thought it would show stability/ties to the country/community. Maybe this was stupid! How is this as a plan for reapplication - do you think anything could be added to it or if it shows enough of a change from the original application:

Letter from him explaining that he is not continuing with his studies and has decided instead to pursue a career in advertising, starting with the paid internship, which he will commence after a short holiday to the UK between college/work
Letter from the company providing the internship stating a start date/how much money they are giving him/confirming that the internship has been arranged (it is a reputable global agency so hopefully this will look good?)
The same bank details from his father but with more information about the fact that he is currently dependent on his father and that's why he's supporting the trip - maybe a reminder that he also sponsored his previous trips? To show there were no issues there? And maybe change his dad's letter to say that he is his dependent?
Same invitation letter and details

Should I add any more? Do you think he has a chance of being given a visa on this basis? We can't afford to keep applying so I really need this next application to work!!