1. Create a new record query (Query A)
2. On the Criteria tab select Record Type = Student, Billing Status = Active
3. Save the query
4. Create a new record query (Query B)
5. On the Criteria tab select Record type = Student
6. Activity > Payment > Payment date 'between' [date] and [date]
7. Save and close the query
8. From the main query page select File > Merge
9. Set the queries as:  Query 1 = A; Query 2 = B
10. Mark the option to 'Select records included in Query 1, but exclude records included in both queries'
11. Click Merge Now
12. Name the new static query created and add the desired output