Use Category base and Tag base Permalink
The Category base and Tag base are prefixes used in URLs for category and tag archives, which look like this:
example.net/wp/category_base/category_name
example.net/wp/tag_base/tag_name
The default values for these are category and tag. You can change them, but you can’t remove them from the URLs altogether.
Custom permalinks work on most systems without any problems, but there are still some conditions where problems occur.
Using %category% with multiple categories on a post
When you assign multiple categories to a post, only one can show up in the permalink. The categories are ordered alphabetically. In each group of sub-categories the order will also be alphabetical. (see Manage Categories). The post will still be accessible through all the categories as normal
Example
for doing www.mysite.com/student/arthur-mcmillan
1. go to setting and change Permalink to custom structure.
2. Use /%category%/%postname%/
3. Add a category name as student.
You can easily change category name and update your category just goto post>categories pick previous category edit it name and update it.
That’a all.