Am I going to be written off immediately?

Hey guys I'm going to explain you my situation so maybe you'll be able to help me.

In September 2019 I am going to start my one-year master in finance and going to graduate in October 2020.

One of the requirements to apply for summer internships 2020 is to be in the penultimate year of study, which I believe would not apply to my case. But, I wanted to know if the banks concern was that I didn't graduate while I was doing the internship or that I actually studied one more year after the internship. And would I be written off immediately from the application process if I applied anyways or would my application still be processed normally?

Thanks in advance

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