A student who obtained a percentile rank of 75 on an achievement test is best characterized as having scored higher than 75% of the test takers.
In the field of English, a percentile score can be described as the score that you get in comparison to other people who have taken the same test as yours. It represents your position amongst the other people who have taken the same test.
A student who has a percentile of 75 means that he has scored more marks than 75 percent of the student who took the test. In other words, there were 25% of students who scored more than him and 75% students who scored lesser than him.
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