Janh, not quite automatic! Presumably with student debt it is harder to keep out of financial trouble. But cetainly nothing meriting quasi status with anyone who has actually worked for their MA.
But yes, 7 years after you start your course you can have a 2nd graduation.
I'm also entitled to another upgrade as a chartered accountant from ACA to FCA. However that just gives them an excuse to charge more for my annual subscription.