Student loan - Pay off

Hi,

I am first year medic and have some queries on student finance.

I applied for SFE last year, and was eligible for tuition fees and the bare minimum for maintenance loan (staying outside london). My parents filled up the rest of the gap. I have now applied for my second year's SFE as well for the same amounts.
I hear today that from Sept 2022 to Feb 2023 the interest is going up to 12% . My parents have decided now that they will now pay the tuition fees and cover all of my maintenance themselves via different a funding.

My queries:
1. Is this is good idea. If my parents choose to finance me, would i be still be eligible for NHS bursary in my 5th year where the fees is covered and non- means grant is given.
2. Can i cancel the SFE loan I applied for my second year. How do i pay off the balance which is showing on my SFE acount.
3. If there is no SFE loan in place, how do i pay the fees to university(the process). Currently SFE makes contact with university and pays it. What will happen if there is no SFE loan in place.

I am worried and anxious; would appreciate any guidance on this

Good afternoon

Can you clarify if this is the NHS bursary or the NHS Grant?

You can cancel the application if you the academic year has not started yet. To pay back any funds you would contact our Repayment team on 0300 100 0611

You would speak to the university regarding this. They may have a payment plan or direct debit system for these to be paid but they'll be able to confirm this.

Thanks, Jason