Having had a strong cup of coffee, over which I pondered why I was in the unusual position of disagreeing with respected colleagues, I have (almost) changed my mind.
I still think keeping EC is under legitimate interest rather than consent, but my error was perhaps in then trying to analyse this as a right to object / erasure issue as that was how it was raised in the OP (albeit in the context of NoK).
Even under legitimate interest we should reach the same position as those advocating using consent, but via the accurate /up to date requirement. If someone tells you "I no longer regard X as my EC" there is no basis to retain it under either model.
So in answer to the OP "A student has requested for NoK details to be removed" I would say there was no basis for keeping those other than consent, so remove it. If you regard it as EC, which you might have a legitimate interest to retain, he has told you X is no longer an EC so remove it.
NB I did not mention NoK in first of my posts. I have never seen any general basis for keeping NoK for students, employees* etc - it's EC or nothing in my view.
* there may be a contractual basis sometimes e.g. for a pension scheme but that will be a different controller and a different issue entirely.
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