In case you want to return the updated values as dictionary
    def generate_student_dict(first_name=None, last_name=None , birthday=None, gender =None):
        main_args = locals().copy()
        first_name = 'first'
        last_name = 'last'
        birthday = '20 jan 1993'
        newvar = 100
        new_args = locals().copy()
        updated_args = {}
        for k,v in new_args.items():
            if k in main_args.keys():
                updated_args[k] = v
        return updated_args
    dict = generate_student_dict()
    print(dict) #{'first_name': 'first', 'last_name': 'last', 'birthday': '20 jan 1993', 'gender': None}
In case you want to return the iniital values as dictionary
    def generate_student_dict_1(first_name=None, last_name=None , birthday=None, gender =None):
        args = locals()
        first_name = 'first'
        last_name = 'last'
        birthday = '20 jan 1993'
        newvar = 100
        return args
    dict = generate_student_dict_1()
    print(dict) #{'first_name': None, 'last_name': None, 'birthday': None, 'gender': None}
if you want to include all the changes including extra variables defined inside the method
    def generate_student_dict_2(first_name=None, last_name=None , birthday=None, gender =None):
        first_name = 'first'
        last_name = 'last'
        birthday = '20 jan 1993'
        newvar = 100
        args = locals()
        return args
    dict = generate_student_dict_2()
    print(dict) #{'first_name': 'first', 'last_name': 'last', 'birthday': '20 jan 1993', 'gender': None, 'newvar': 100}