The script, as written, should work--provided that it is performed from a layout that refers to Student_Records in the Show Records From box found in Layout Setup...
If that's the case, you'll need to do some checking. I can see from the posted dialog that you are using FileMaker Advanced. Enable the script debugger and then run your script, looking for any error codes that appear as well as using the data viewer to monitor the values of your fields and variables.
Yes, there is an error in your script...
You have to clear those quotes around Student_Records::Student_ID in the Set Variable script step.
Thanks for the help guys! It is running like a dream...now I know how to use the script debugger, which will help immensely!