In theory yeah, but it hasn't worked, the maximum combined grant and loan is around £6200 a year and depending on where you go to uni that could all that could go on rent and bills. The point is that it disincentivises potential high achievers from applying, as the financial burden after uni is...
Clearly the point was not literal, but it may have been too subtle. Perhaps it should have been:
Who are you to say someone can't have a degree because their mum and dad are too poor?
Throw away your TV, phone, car and laptop - universities trained the people who designed them, the people that run the companies that manufactured them and the people who designed the service infrastructure that allowed you to purchase it all.
Want nice stuff? Invest in a university...