You need a join table between students and Parent tables:
Students::StudentID = Student_Parent::StudentID
Parents::ParentID = Student_Parent::ParentID
This way, you have exactly one record for each parent (or household as is more accurate), one record for each stucent and then a join table links a given student to the appropriate list of Parent records. (It's not impossible for a student to have more than two such contact records...)
On a students layout, a portal to Student_Parent can list all parent contact records with any additional fields needed from Parents added inside the portal row. On a parents layout, this method can be reversed to list all students for that Parent.
You'd then print labels from the Parents layout and avoid duplication and be able to print more than one parent address label.
This is called a many to many relationship. Here's a demo file that illustrates this method by matching "contracts" to "companies" in a many to many relationship: http://www.4shared.com/file/PLhjErzu/Contracts_to_Companies.html
Thanks for your quick response.
In addition to the Parents table, I also have two further tables for Email addresses and Telephone Numbers. How can I incorporate these into the Student/Parent setup?
If they are email addresses and telephone numbers for parents, I'd link them to the parents table. If they are data specific to a given student, I'd use a link to the students table.
You may even want to use the same data source table for both parents and students since the contact info would be of the same basic nature.