It depends.
The reason most students have a Bachelor's is they tend to be older so they are likely to have gotten all the way through college. I would look at the stats as somewhat incidental in that regard, similar to this example:
Less smokers get Alzheimer's disease.
Why? Because they die first.
But given that one sentence you might think smoking will keep you from getting Alzheimers.
It's a pattern, not necessarily a prerequisite that a large proportion of students have a Bachelor's. Not having it will not keep you out.
Likewise, having it will not necessarily get you in.