And what if the search should consider both Day fields at same time?
I do agree that you should have at least 3 tables if each student can have multiple schedules. Each day can be viewed as a separate schedule and then each student would have 2 records in Schedules. StudentID and TeacherID will be saved into Schedules, not full names. However, if you keep the 2 Day fields then only 2 tables is needed.
If you use 3 tables, which table should the LunchPeriod and Comments fields go in? If the lunch period will never be different for each day, put it in Students table. A Comments field can be in every table regardless of structure.
The two Day fields is not a normalized structure, however, it can be made to work. I expect a dynamic parameterized query could be structured to do what you describe. However, I recommend building a 'search' form and using VBA to construct search criteria and apply to form or report. Review
http://allenbrowne.com/ser-62.html
Do you care about history? Or does this db hold only current period info?
It is a balancing act between normalization and ease of data entry/output. Normalize until it hurts, denormalize until it works.