This docstring is closer, but could still be clearer.

1) Use backticks around variable names.
2) Name the types of the arguments and return values (including expected keys).  You should probably rename `d` to something more descriptive -- pep8/pylint is likely to raise a violation for too short a variable name.
3) No need for In/Out labels
4) Newline after the first """

Something like:

    """
    Construct the email using templates and then send it.
    `student` is the student's email address (a `str`),
    `param_dict` is a `dict` with keys [EXPLAIN KEYS HERE].
    Returns a boolean indicating whether the email was sent successfully.
    """