Hello admin, the merge tokens can be found by clicking the (x) icon located above the message composer (see attached image).

Hi admin - I’m Tom from the User Experience team at Ventured Solutions. Thanks so much for sharing your feedback! Would it be possible to hop on a quick call to discuss your experience with the product so far?

There a small (x) called a token which gives mail merge options eg $studentname$ which works on the newer version.