Unless the student is writing or reading psychological works, I do not see how this usage would be helpful, so I would teach it only using discretion. On the other hand, the noun 'affect' I would use in connection with the idea of 'affection' or emotion.

So because I have not used and would not use it, I would not teach it. As a graduate student I cannot recall using effect as a verb, and in my readings I never saw it make a point clearer. My answer, though I'd rarely go this far on this rabbit trail, is that I rarely see 'to effect' except in connection with 'to effect change', for which I would greatly prefer to use 'cause' or 'change'. To get into questions of what is possible and in which contexts, finally progressing to when should someone use 'effect' as a verb or 'affect' as a noun, is likely to be a wasted exercise both for myself and for the student. Lucy, it appears to me, is confused about the basic difference.

Which is correct: the dictionary definitions (and if so, which dictionary), academic usage, or common usage?

You had an effect on me