Meta Queries are nested arrays. See the WP_Query section on meta queries.

Option 1

Use meta_key and meta_value directly in the query arguments, not as a meta query.

$student_query_args = [
  'post_type'       => 'student_list',
  'post_status'     => 'publish',
  'posts_per_page'  => 100,
  'order'           => 'DESC',
  'meta_key'        => 'program_id',
  'meta_value'      => 5317,
];

Option 2

The meta query approach. If you’re adding multiple you would need multiple arrays. The default relation is AND but we’ll supply it for clarity:

$student_query_args = [
  'post_type'       => 'student_list',
  'post_status'     => 'publish',
  'posts_per_page'  => 100,
  'order'           => 'DESC',
  'meta_query'      => [
      'relation' => 'AND',
      [
          'key'     => 'program_id',
          'value'   => 5317,
      ],
  ],
];