Yes. We recommend that all students have their own Apple ID (Also known as an iCloud or iTunes account). If your child is under the age of 13, a parent/guardian will have to create the account for them.
It is problematic for a student to use the same iCloud account as a parent or sibling. Your child may run out of room for backups; parents’ calendars or messages can show up on his/her iPad, or a sibling can delete Notability notes because they are both syncing to the same iCloud account.
We recommend using Family Sharing to manage your child’s Apple ID which allows one person, a "family organizer" to invite up to 6 people in your family to share purchases (apps, music, books) without sharing accounts, so you only have to purchase an app once, even if you have multiple children who need to use it.
There is an "ask to buy" option that makes it that when a child initiates a purchase, the family organizer gets an alert and can either accept or reject the purchase from their device. You can use Family Sharing on your iPhone, iPad, or iPod touch with iOS 8 (or later), your Mac with OS X Yosemite and iTunes 12 (or later), or your PC with iCloud for Windows.
More information can be found here: https://support.apple.com/en-us/HT201060
If you want to use a single family account for purchases, it is possible to use the family Apple ID for the iTunes & App Stores, and the student's Apple ID for iCloud. This can be done in the Settings of the iPad.
Information on Apple’s membership terms, including age restrictions, can be found at this link: http://www.apple.com/internetservices/terms/membership_terms.html