Yes, a number of studies have found that distance learners tend to perform as well or better than on-campus students.  But, you must remember that to succeed at distance learning in psychology you'll need the self-control to work when you don't have the extra motivation of regular face-to-face contact with your tutors.  But what you lack in contact you make up for in flexibility.

Take every opportunity you can to talk to your tutors by phone, skype, or whatever to go over points that you are stuck on.  Also, if you can, form a study group with other psychology distance learners living locally.  

Check the link above for some further advice, and good luck!