The students and other anti-government demonstrators accuse Aristide of being power-hungry and failing to help the poor.
"Under Aristide there will be no progress," said protester Leopold Willeens, 26. "I'm the first student in my family to go to university, and I want a better life."
Aristide partisans armed with clubs, bottles and pistols swooped down from pickups to block the student marchers, who were joined by thousands of anti-government demonstrators shouting "Freedom!" and "Down with Aristide!"
At the beginning of the protest, Aristide partisans attacked demonstrators, hitting one with a rock and shooting another. Later, police shot and killed an Aristide supporter after he opened fire on the crowd. One anti-government protester also was shot and killed.
At another leg of the march, government partisans opened fire, wounding two demonstrators. The Aristide supporters then surrounded a group of students, stabbing one and beating six others. Students beat two Aristide supporters.
News reports said that 30 people were injured and being treated at hospitals.
Gunfire crackled throughout the day as smoke billowed from burning tire barricades. Demonstrators regrouped when Aristide supporters attacked with bullets and rocks. Organizers stopped the march when police warned they could no longer guarantee security.
In a country where an estimated 40 percent of the 8 million people are under 18, student activism carries weight.
Student protests and strikes helped oust President Elie Lescot in 1946, followed by Paul Magloire in 1956. Their opposition also led to the weakening of the Duvalier family dictatorship, which imprisoned many students during its 29-year regime until 1986.
The marchers join a swelling youth protest movement as many face a bleak future. Most Haitians are jobless or without regular work, foreign investment is at a standstill and foreign visas to countries such as the United States and France are increasingly hard to obtain.
Last month, at least two dozen students were injured in violence that broke out after police separated dozens of Aristide backers from about 100 students. Paquiot was beaten in both legs with an iron bar and at least four students were shot and wounded.
Student demonstrations have surged along with protests by others. Members of civic groups, clergy, business leaders and artists who oppose Aristide joined Wednesday's march.
Tensions have been rising since Aristide's party swept flawed 2000 legislative elections. Aristide has refused opposition calls to step down, saying he will serve out his term until 2006.