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NVQ Advice needed

Hey everyone, I'm looking for some advice please.
I enquired about enrolling on NVQs with my manager and she put me forward for it. However, at the time she told me not to mention to them that I have a degree because I would then need to pay for the NVQ. Stupidly I went along with it and when asked I said that I had a diploma.
I feel dirty lying about it to be honest, but my main concern is that my plans of taking a Masters at the end of the year will be affected and that I wouldn't be eligible for student finance.
I have literally just completed all of the initial assessments and have filled out the declaration today.
My question is, do I have a cooling off period in which I can cancel the NVQ without facing a charge, and should I inform the assessor of my degree?

Any help would be greatly appreciated.

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