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After Enabling Allowed editable form fields, an Edit icon will appear in the student profile page.
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To update student profile login from the student panel and click on the My Profile link present at sidebar menu. This will redirect you in the student profile page, here click on the Edit icon present in the top right corner. This will redirect you in the edit student profile page.
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Here update student information and then click on the Save button.
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In the above image Religion field has been inactivated by Supradmin, hence it will not be visible in the edit student profile page.