Only those under 25 are eligible.
Utter nonsense. It would make far more sense for it to be eligible to those over 25 - so those who have acquired significant real world experience can apply it to their studies. For what it's worth, the idea is nothing new - it is a common part of UK education, and in Poland, it is common (but by negotiation with individual lecturers).
But it should be written on diploma that it's not the same licencjat or magisterium, as normally made. I am quite sure it won't be.
It is the same - as long as there's a standard process for recognising prior study (for instance, by submitting a portfolio) - then it's more than equal.