I do not think it is possible to return the object as both Json and XML using one call. Think of WCF like a normal method call in this regard; you call one method, you get one serialized return value. Once the service has returned one response to the caller, the call is complete.
Think carefully about why you want to use both response types; they are both informative, universal standards for object serialization, and using WCF, you would only need both if you were using the serialized response text directly. If at all possible, I would refactor the clients to work with the same response type.
The simplest workaround, if two types really are needed, would be to provide two "overloads" of this method, and make each client type smart enough to know which call it needs to make. Because the difference is not in the method signature, it's not a true overload; you'll have to separate them either by name (GetStudentListJSON vs GetStudentListXML) or by locating the methods in different service classes.
You could also always return one response type, and convert on the client side by deserializing/reserializing when you need the object serialized in the other format. This does require you to be using .NET code that you have control over on the client side of the call.