Nice, that did the job.
For those who are wondering about the same, use this code in your child theme’s functions.php

add_filter( 'erp_crm_life_stages', function ( $life_stages ) {
   	$life_stages['student'] = 'Student';
	$life_stages['opportunity'] = 'Parent';
	$life_stages['subscriber'] = 'Alumni';
	$life_stages['customer'] = 'Applicant';
	$life_stages['teacher'] = 'Teacher';
	$life_stages['lead'] = 'Staff';
   return $life_stages;
});