I did 2 years college, did not finish the degree but I had a reason to not finish it. I am going to NZ on CP55... so I guess it doesn't really matter.
Stu, hang in there, I also failed my phase 3, in the 6 months I improved my profile by a lot, I got my PPL, started the ATPL groundschool, read up on CRM... let them know that you mean business and focus on whatever they tell you on the feedback.