Were some of the student names pasted into the database from the clipboard? If so the original text formatting was also pasted into the text field and these formats are overriding the formats you placed on the text field.
A simple one time fix:
Find all records
Click in the field and select Records | Replace field contents.
Choose the "Replace with calcualted result" option and enter the follow expression, but replace "yourtable::field" with the table and field names that refer to the student name field in your database:
If users will be frequently pasting text into your student name field, do this also:
Select File | Manage | Database | Fields and double click the student name field definition.
Click the Auto-enter tab
Click the Calculated Value check box and enter the same expression.
Click OK and clear the "Do not replace existing value..." check box.
Dismiss all the dialog boxes by clicking OK and try it out.
1 - Resize the field to be big enough to accommodate its contents or reduce the font size, or both.
2 - Review your conditional formatting instruction.