I would say it depends on the items in their credit report and how serious you consider them. I can tell you from reviewing probably 200 credit reports per year that student loans work a little different than other types of debts. I see a lot more billing errors and incorrect information with regards to them. That's because they are frequently taken in and out of deferment and the borrower isn't always communicated to in the proper manor.
If that's all it is and the rest of the credit report looks solid then I personally think it's an OK risk. If you are still skeptical about it, ask the person to provide an explanation and see if it passes the smell test. Or ask for a reference from a past landlord if possible. After all, past rental history is probably the greatest indicator of future behavior when it comes to evaluating their worthiness as a renter