You could also rent rooms in the house (if you don't mind having roommates). 

Are you willing to live with roommates?

He could get roommates (I'm assuming he's single and going to school). 

Do a Google search for "Boommates" and you'll find references to the Golden Girls TV show and discussions about two significant issues older people face: the high cost of housing and loneliness.For younger people, we call this "house hacking," where someone buys a house and takes in roommates to help cover the costs.

I think there are many over looked opportunities like mother in law suites, finished basements with walk out, finished garage, or building an ADU, renting to room mates to offset cost, etc.

If you study the demographics of the metro its super easy to deduce that younger folks are having difficulty affording rent and need a room mate or two.

The person being taken off the lease is not wanting to live there anymore and by law can terminate early in Indiana due to protective order being filed against roommate/girlfriend.   

Also up to you if you want 4 roommates. 

If the new tenants are 18 or older they should apply, you should screen and complete the appropriate roommate addendum.

Also, my current "room mate" has expressed her interest in renting my primary residence entirely so I think that's a smart option.