But it is not a correct English sentence, as far as I know. "Too" should come at the end of the clause. However, "I am a student and he is also a student" should be right
It is a correct English sentence, just surround "too" in commas:
I am a student and he, too, is a student.
It is usually done this way for emphasis and it's less natural, but still technically correct. In fact, it matches the style of the original sentence.
Oh, I did some googling and found out that it is indeed possible, but it is usually done only in very formal style. Thank you for your remark