"What happens with student finance if you suddenly decide to pull out on results day and take a year off? Will a student loan not actually be in the bank account at that point and do you just cancel your loan application?"
Coleoptera you just notify student finance. It is just a simple telephone conversation followed by an email to confirm. DD decided that she didn't like the course she was offered last year and was adamant that she didn't want to go through clearing/adjustment to find another course and end up in "shit accommodation". I did give it a couple of days though to allow students wanting to go through clearing to organise themselves.
With her A level results in the bag and having a clearer idea of what she wants to do, university application was much easier this time around. Also, we can use last year's CRN, passwords, log ins etc to access student finance.
Cancelling accommodation and the course was easy as well.