Yes, this is possible. You will have to set up synchronization between your on-premise AD and Azure AD.
To do this, if you already have user accounts created in on-premises AD with UPN and proxy address, then users will be linked using UPN softmatch.
To do this you will need to make sure that all student accounts and corresponding on-premises accounts should have same UPN.
You will have to install AD connect and run sync. Accounts will get matched using UPN softmatch.
Also, in AD connect you can enable password hash sync so that users will use the same password for both on-premises and Azure AD logins.
Do let me know if you have any further questions so that we can connect offline to discuss further on this.
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