@Bali.. sorry to hear it bro.
But lets see what can be done now. Embassy expects that you have living expenses and have funds to support 1 year education.
so.. ur Expenses are taken care by GIC, and as u have already paid 1 semester's fees all you need is to show 1 more semester's fees, so nbo need of showing 10 lakhs in ur account.
and as far as documentation goes.. make sure you attach affadevit of support from ur parent's including ITR, and Bank statments.
And from your side, a resume, Statement of purporse clearly indicating why this course matches your profile (dropping out from your current course, how its suits your dream)and why you want to pursue it from this particular college. (This information you can get from your college website, their latest achivements and details about your course).
and in the mean while you can ask college whats the refund process and how much will be deducted, inform them that your visa is rejected and you are going to apply again.
Hope for the best and keep a positive attitude.