Your status as a student will not be affected by your participation in a sport whether you are injured, decide to quit before practice starts, or win an NCAA championship. Academic status and financial aid are completely separate from those things.
One thing your parents do need to understand if they don’t already is that your financial aid is not set for four years. It can fluctuate every year based on their and your income and savings. However, these changes will have nothing to do with athletic participation.