After seeing this last reply and getting a bit more info I'd say your bird isn't getting enough time with you and not enough out of cage time as well. can you let him out while you're in your room studying? just letting him free fly in the room and maybe putting a few things he can perch on as well as a few things he's allowed to play with while out of the cage will definitely be apriciated by your bird. You can also interact with him while he's out by setting rules, boundries and limitations for him to learn. He will actually learn to stay away from areas or things you point out to him by giving him a correction when he gets too close to anything you don't want him to mess with. the correction simply consists of telling him "no" then removing him from said area. You can also teach him to stay on a play gym or perch that has a few toys or food/water/treat bowls attached.
PetSmart and other large pet stores carry the play gyms and they're not that expensive... (about $20 or so for his size). He may not want on it at first but with the bright colors and placing the treats on it, he'll quickly learn that it's fun and will keep him occupied for hours between perching on the perches and playing on the ladders, swing, rope, etc...
You can also make these pretty easily out of wooden dowels and a piece of plywood for a base. This is what we got for our parrotlet and it took him a few days before he really warmed up to it, but after that, he loved to fly over to it and would play on it for hours at a time, flying over to one of us occasionally for attention or a scritch etc, then returning to it for more playtime, he also liked to perch on it and take a nap from time to time...
http://www.petsmart.com/product/index.j ... lInUS%2FNo This one costs $20 but they do make bigger ones and in different styles too depending on where you go and what name brand etc. but your bird would love it and you could teach him to stay on it while you're studying or watching tv etc... The way you teach a bird to stay put on something like this is by letting him get used to it first and let him play on it at will, but if he flies off and goes somewhere else, just step him up and put him back on it. He'll learn that he's allowed to only play and hang out here unless you release him to play in the rest of the room. What else is good about these is that they're small enough to place on your desktop or move from place to place.
They also sell these mini perches that you can put on your desktop or wherever that you can get one at a time until you have 3 or 4 of them so you can provide him plenty of places to land and hang out, or you can make your own pretty easily out of wooden dowels and plywood, or pvc pipe.
The more you can let him out of his cage, the happier he'll be and the less noisy he'll be when he has to be in his cage. Don't worry about the nipping too much, they usually don't hurt and very rarely break the skin, he'll grow out of that as well once he has things to do. Birds, especially parrots are very intelligent so they do get bored pretty easily, and they will resent you for keeping them in the cage and not paying them much attention which will also cause a lot of nipping and biting when you do bring him out and try to do anything with him.
And lastly, when a bird is really bored for long periods of time, they may start feather plucking which once they start that, it's very hard to get them to stop that habit. If you absolutely can't give him the time he needs with you and you want to keep him you can buy him a mate to keep him company, but by doing this he'll bond with the other bird and want little to do with you. he'll definitely be happier, but he will definitely prefer the other bird over you.