I believe this is slightly incorrect with the end bit - I've just rang SFE as I started to panic then, ha! I'm currently on something called the OpenPlus Scheme, but slightly modified. I'm studying the math modules MST124/125 (60 Credits Level 1) in Feb and the Physics module S217 in October (60 Credits Level 2). As long I achieve the agreed grade, I will enter Sheffield University on the Phsyics and Astrophysics degree in Year 1.
Originally I had panicked a bit over the loan entitlement but was told - as well as been verified again, today - that you are entitled to the duration of your course, plus an additional year should you need to take any resits. I contacted them again as after reading you mentioning what you had put about part-time years counting as 1 year had me worried. They verified this isn't the case. Luckily, because I'm studying 60 Credits at both Level 1 and 2, I won't gain a qualification from this and SFE said I'd be entitled to the full loan, plus the extra year due to this, when I start full-time. Worst case scenario is if my 120 credits did get included as a year, that would just be my extra year used up.
Hope this helps and if you have any questions, feel free to ask