Is it possible that the loss the student suffered in his studies, which brought him closer to God, was predestined for him to be a cause for his repentance? And is he right in saying: "I should not grieve, for perhaps God has ordained this for me"?

The true loss lies in the loss of religion, not the loss of worldly possessions. As long as you have remained steadfast in obedience to Allah and drawn closer to Him, you are on the right path. Your failure in your studies is a divine decree and predestination from Allah, for a great wisdom. So, be patient, strive, and seek help from Allah. For the truly lost are those who lose themselves on the Day of Judgment. Allah says: "Say, 'Indeed, the losers are those who will lose themselves and their families on the Day of Resurrection.' Unquestionably, that is the manifest loss" (Az-Zumar: 15), and "And those who believed will say, 'Indeed, the losers are those who lost themselves and their families on the Day of Resurrection.' Unquestionably, the wrongdoers will be in an enduring punishment" (Ash-Shura: 45).