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Elle est bien élevée : she is well brought up
Elle est bonne élève : She is a good pupil
The correct idiom in french is "elle est bien élevée"
"Elevée" is here a special form of adjective (but I can't remember the name....). The verb "élever" is here used as an adjective, since it refers to the state of the subject. So you have to write "élevée" according to the gender of the subject
Merci Erwan, I guess I really got things mixed up.