Update: I've spent some time on making a schedule just right for me to be able to get my studies done, be able to play, and get a decent amount of sleep. After that I had a rather long discussion with my parents and they seem fine with it. I will test this for tomorrow and after tomorrow, and if it works out then I will revoke my resignation.

PS: I can help out with the spreadsheet for the meeting if needed as I'm going out on a short notice.