Mr S,
As far as I know (don't quote me on this) but I am pretty sure that it is not a prerequsite requirement to have a degree to obtain the loan.
I went to see HSBC (I bank with them anyway) to find out more about the loan, and as far as they were concerned you had to show evidence that you had been accepted on a course etc etc therefore no degrees reuired. My reasons for seeing them was to ensure I could blag a few grand if I was to run out of money, the last thing I wanted was to get to the stage of embarking on the IR or something and finding out I was skint, even though I have planned my finances fairly carefully, like course fees plus 20% contingency.
One thing that I am not sure about is how they will assess you, in term of your eligibilty for a loan, as I believe it is unsecured. Personally for me, I was told a loan would not be a problem due to the fact I bank with them and had a very good credit rating.
Like I say, I am not 100% sure of the ins and outs, things may have changed since I went, it was around 12 months ago.
Cheers.