Of course, Mike usually makes a 3-piece neck, but G****n necks are but one piece, so Mike had to glue ears on them so he could use his own headstock shape. Their being already roughed, Mike figured he could use these for a new, inexpensive banjo, and the "Student" model was born. In addition to using the cheap one-piece necks, Mike used "store-bought" MOP dot inlays, with a similarly "store-bought" MOP star inlaid in the peghead.
At the time this transpired, rosewood was cheaper than ebony, so the fingerboard and overlays were initially made of the former.
To save a bit on the pot, Mike used the same thin rim he uses for the Standard and the Special, but he left it unstained and simply applied a clear finish to it. On the Standard, that same pot is painted black, while the Special gets an extra lamination on the outside to match the wood of the neck. Essentially, the outside of a Student looks like the inside of a Special.
As noted, materials' availabilities and prices change, so since their inception, some Students have had notched tension hoops, others have had grooved with concomitantly more or fewer brackets, respectively. Most have rosewood fingerboards, many have ebony. In fact, after the initial lot of cheap necks was used up, Mike went to a 3-piece maple neck--essentially the same as he uses on his Special model.
Anyway, if you're confused, welcome to the club; such are the vagaries of hand-made banjos, and one of the main reasons I like them so much!