Edit: being a bit older than 10 years ago, and hopefully not quite as dumb as I was 10 years ago, I have to revise that question. The old dumb version can still be found in the edit history.
Lets start with a bit of language history.
In old German, the grammatic gender was symmetrical. Words ending in -o were male, -a was female and if the ending was left out, it was neutral.
But then a vowel shift occurred that turned both -o and -a into -e, which then turned into -er. So there was basically no gender in the language anymore. The -er at the end of a word did not denote any gender.
So to be able to differentiate, the -in form was introduced, which allowed to specify that someone was female. But there is, to this day, no real male form in the German language.
If you are talking about a group of students who are all female, you can just say "die Studentinnen", but if you want to do the same for a male-only group, saying "die Studenten" is not enough, because it could still include women. Instead you have to workaround and say something like "die männlichen Studenten".
This concept is called "the generic masculinum" and it denotes that the generic form is at the same time the male form.
There are quite a few people who are unhappy with this form, since they feel that it's weird to call women by the male form.
So they try to split the generic form from the male form, by introducing different forms of gendering.
There are for example the Binnen-I (StudentInnen), the gender gap (Student_innen) or the gender asterisk (Student*innen).
These forms try to unite the male and female form in this new form. While the Binnen-I form is by now mostly accepted in the written form, both the gap and the asterisk are mostly used by people who see the Binnen-I as too weak/uninclusive towards non-binary people.
An issue with all of these forms is that it's rather hard to pronounce them in spoken language.
Older and widely accepted forms of gendering are "Studentinnen und Studenten" or "Bäcker/-innen". The last form only works in written language and only for words, where the female form is actually the male/generic form plus -innen.
So it wouldn't work for "Student/-innen", because the male/generic form is "Studenten" and not "Student".
A newer and widely acceptable form is to use a form of the word that is inherently gender neutral, e.g. "Studierende", which is identical in it's male and female form.
This topic is a politically charged one.
Many people on the left do gender, some don't, but generally, for the left this is a topic that was dealt with.
People on the right on the other hand are quite obsessed with dictating how other people are supposed to speak and many even go as far as boycotting media that uses gendering or even want to legally ban people from gendering.
If you want to be sure that nobody objects to what you are doing, use "Studentinnen und Studenten" (female form always comes first).
You can also use the Binnen-I or the "Studierende" form and only far right people might be offended by that, but most sane people will be fine with it.
If you want to make a political statement, use the gap or asterisk, but that could annoy a few more people.
All in all, I'd really wish they would have left the current generic/male version generic and split of the male version into a new non-generic male version.