Your format for the update is wrong, you seem to have done a strange combination of select and insert. It would be best if you look this up in the mysql manual:
Mysql Manual Update Syntax
This would be better (took me ages to type!):
$query="update students set package=\"whatever\",first_name=\"Bob\",last_name=\"Smith\",\"BigGuy\",company=\"Microsoft\",address1=\"the house\",address2=\"the road\",address3=\"the city\",city=\"London\",country=\"England\",email_address=\"a@b.com\",businessnum=01938193847,mobile=07748294727,cctype=\"\",ccname=\"\",ccnum=\"\",month=\"jan\",year='2006',ccsec=\"\",text=\"what are these fields for?!\" where id=".$_SESSION['userid'];