For the guy it is worse than privilege. It is pure luck he was born into a good family and not say alcoholics in a ghetto. And that they managed to exploit the limited upwards mobility they had. I wouldn't call it a privilege. Privileges are earned or given.

Three role of multiple draws of the luck is underrated. Generic lottery, family lottery, location lottery, avoidance of terrible things in life. You can have way better chance in a society where inequality is low and/ or social mobility upwards is high.

The privilege part is him earning the spot in a prestigious school.