Hi, I have a Master which I believe is the bigger brother to the Student, but very similar in construction and usage.
By not engaging top speed, I presume you mean the front central lever not going from right to left (counterclockwise)
Or are you referring to the top levers, I sometimes have trouble with lefthand one not wanting to engage unless the chuck is rocked, these levers can be a source of trouble, this can give a horrible rumbling/grating noise.
As has already been mentioned the main headstock bearings are extremely expensive, prohibitively so for an aging machine.
Bernard