It would be more usual to use
interpretation in the singular (each student has their own interpretation of life), but that's a minor point.
Interpretation(s) is always followed by
of when the object of the interpretation is involved - not
toward(s) Checking both the singular and plural with the concordancer
Lextutor I got 51 examples of
interpretation(s) of and none at all of
interpretation(s) toward(s).
It has nothing to do with meaning - it's a matter of usage. Don't be misled by examples you might find on Google. If you look carefully you'll find that where there are examples of
interpretation(s) toward(s), either the text was written by a non-native speaker or that there is another reason for the choice of
towards - usually because it's dependent on a verb or noun expressing movement or direction - eg :
Ecocritical readings regularly push literary interpretations towards the frontier...
Multiple perspectives move historical interpretations toward a more balanced approach to understanding painful histories.
Here, the writers are not talking about the object of the interpretation, but its direction.