Will she get a student visa with a pending or approved I130?

She may not get the student visa if there is already a pending I-130. However, since the wait time for the I-130 is rather long, there is a chance she will get the visa. She has to present evidence that she does not intend to immigrate at this point but only to study and return to her home country after its completion. If then she will be eligible for the immigrant visa through the I-130, she will apply for it then abroad.

There is no law that directly addresses that question, however, it is well-known that many consular officers will NOT issue a non-immigrant visa (eg, student, visitor, etc) to a person who has a visa petition pending or approved. On the other hand, there is no law prohibiting it, and I have seen cases where it was issued in this circumstance, but I would not bet on it.