only one means lets say
Student can have one and only one login (e.g. user123) and that login can only be assigned to Student1.
When Student1 graduates, no one else can be assigned the login user123.
one means lets say
A student Student1 can only have one room at a time. A room can only have one student at a time.
Next year, Student1 will be assigned a new room and at that point his/her room from this year will be assigned to a new student.