Translation:I am a student, what about you?
学means learn/study, 学习 means study, 学校 means school, 学生 means student.学科course. China has thousands of years history, so it should be traced to ancient chinese character to explain to you. Since every character has various of menaing, 生 has meanings like 1.born(ppl)/growth(plant) 2. Produce 3. Alive 4. Life 5. Ppl who studied (no matter child or adult) 生 has about 12 commonly used meaning in ancient chinese, I just name a few. Thus, 学生 probably originated from 5. People who studied; or 6. What elders call the younger generation or juniors. Ref: 生 (noun) :读书人，e.g. From ancient prose《送东阳马生序》:今诸生学于太学. Explain: 今Now诸every生student学learn于at太学college name, one of the highest educational institute in ancient China. Learn deep chinese, you will find it intersting!
Because of 学生 is at the end of the sentence, so speaker soften the tone. But that voice is exactly sheng1 or sheng 0 to chinese people, after you learn more pinyin拼音，you can find out whats the difference btw shi3 and sheng1. e.g 开始kai1shi3, look up the dic to listen the voice of these characters.