I don't understand the idea that "luck" has played any part in the way the education system has been constructed up to now by the government.
As I see it, it began as a tool for social mobility, so that those with the right aptitude for academic achievement could access the sort of education that would maximise their career potential, hopefully contributing to society in general both financially and culturally. It was seen by some as a way of breaking down the system of privilege that arose from the luck factor of being born into wealth.
It has since progressed into being both an "industry" (for want of a better word) in its own right (more students, more lecturers, more jobs) plus a way of keeping the young off the employment market while it is depressed for as long as possible, while (hopefully) new jobs are magicked into existence. Sorry, I meant created by sensible economic growth policies which may or may not be revealed to we lesser mortals at some point....(am trying very hard to avoid cynicism and emotional language here...)
I also don't understand the point of generating these loans if much of it cannot be expected to be repaid - investment is supposed to generate a reasonable return.
The argument may well be that if someone is earning £20,000 because they are educated to degree level they are not claiming benefits and therefore not being a drain on the state, however, due to the cost of living it may well be that top ups ARE required from the State coffers anyway.
It's all arse about face in my opinion.
Luck does not come into this. Some people have benefited from education policies created by various governments to do just that Some people have not, but that is to do with criteria set up by the government not pure luck.
You may say that those who have benefited "should" think or behave in certain ways reflecting their improved opportunities for the greater good, but you can't expect it because we are brought up to look after number one (and number one's chosen dependents) first and we all set different bars on how well we want or need to look after ourselves before we start spreading the love on an individual basis, hence the insurance of taxation to try and perpetuate the cycle of opportunity.