I have a string which is a paragraph written on the aspx side. It goes like this:
The new student, {student_name} has the following grades -
Mat
You certainly can use String.Replace, but typically ASP.NET apps are written using labels as placeholders and then modifying the values in the code-behind.
So your MyFile.aspx would contain The new student, [lblStudentName] has the following grades - Maths - [lblMathGrade] Science - [lblScienceGrade] ... and so on
Then in your MyFile.aspx.cs (or MyFile.aspx.vb)
this.lblStudentName.Text = "John Doe";
this.lblMathGrade.Text = "A-";
this.lblScienceGrade.Text = "F";
There are also many other better techniques you could use, such as a repeater control, then binding the sql results to this control.