You can easily change a name on the account by going to Settings. If you want to change a student's name, you will need to log in to the student account first and then click on Settings
Click on Settings (in an Admin or Student account)
Scroll down to Personal info, change the name and then click Change info
Note - if you want to change a student's name, you will need to log in to their account first and then click Settings. You can quickly log in to a student account by clicking on Actions -> Log in as this student in the Students menu.