What is the ruling on a love relationship between a young man and a young woman that included going out, daily conversations, and emotional talk, with the intention of marriage after completing university education, and with the parents' knowledge of and approval for their communication without a formal engagement or contact between the two families?

The going out of a young man with a young woman and conversing with her is forbidden, a sin, and an act of disobedience to Allah the Almighty, even if it is with the knowledge of the parents or involves advising to do good. This is from Iblis's justification of that relationship. What is obligatory for whoever has fallen into this relationship is to repent and break it off immediately.