As per this Documentation: https://learn.microsoft.com/en-us/azure/devops/organizations/billing/billing-faq?view=azure-devops#q--what-types-of-azure-subscriptions-can-be-used-to-create-an-azure-devops-organization-
You can create an organization with most common types of Azure subscriptions, including Pay-As-You-Go, Cloud Solution Provider, and Enterprise Agreement. Azure Free Trial and Visual Studio benefit subscriptions are not yet supported but will be in early 2026.
As Azure Student Subscription is part of Free Trial, It is not yet supported to create Azure DevOps Organization. You can use another Microsoft Email ID (rather than work/school Entra ID account) that does not have active subscription and create organization without the need of subscription. Or upgrade your Subscription from Student/Free Trial to the supported subscriptions.