First you need to decide how your images are going to be used by the student. Is this purely for a personal/education related project or is this for commercial gain i.e. profit.
As a photographer you create images to make your clients profit (hopefully!). So never ever charge based upon time. It is a quick way to make less money than you should and raises all sorts of side issues like "why did it take so long?" from the client!
I wrote a long involved blog post about this which you may like to read here:
http://www.thephotographybiz.com/photography-business/dont-charge-out-your-photography-on-time/
Always charge commercial photography assignments based upon the *end use* of your images. If this is truly an educational shoot then agree a fee you feel comfortable with but remember to issue a licence with your invoice to show the rights being granted which should be restricted to "educational and personal use only" or similar.
Good luck with the shoot.
PP
$100 an hour.
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