Student Visa to HSMP

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My FLR IED application is pending under the following clause

131A)
(ii) The student has obtained a degree qualification on a recognised degree course at either a United Kingdom publicly funded further or higher education institution or a bona fide United Kingdom private education institution which maintains satisfactory records of enrolment and attendance; and

Since I only have a PG diploma and not a degree. I still have an extension on my student visa uptill the end of march next year. can I withdraw my application and apply for Entry Clearance again from my home country even though I have an Entry Clearance from my home country as a student which has been extended.

my FLR application is pending waiting for my degree certificate.