"played this game since the beta and I'm still not even close to student1"
What have you been doing then? You get to Student 1 in roughly 10-12 hours of gameplay. Lets say if you are extremely casual and watch cutscenes make it double or triple, you'd still be at ST1.
Changes required if allowing this
Reduce gold reward drastically if player is low level. To prevent bots => RMT.