Earlier quoted context omitted.
Imagine you go and work for a hedge fund straight out of university, have a great year, and earn £1m. Does the government get 9% of that? Or is it capped at the outstanding loan amount? If the latter, and someone earning $1m pays the same as someone evening $500k, it doesn't seem like an income share agreement.
I suspect the government gets much more than that, because it also taxes it.
If the point were relevant, then we might as well consider government spending on K-12 schooling the same way.
But general taxation is obviously not what we're talking about here. We're talking about the extra money someone pays in return for the government supporting their degree.