How do I get out of this univesity now?

No, don't flunk out! Do the best you possibly can! If you flunk out then no university would ever give you a scholarship! Keep going where you are and apply to the new place and once you are accepted, and hopefully with a scholarship offer(!), then you can show that to your parents and see if they will give in. If you have a scholarship to a place then they can't hold money over your head after all! So do your best where you are until you are accepted where you want to go, with a scholarship. Maybe where you are now won't be so bad after you get used to it?