Why is dictionary so much faster than list?

I am testing the speed of getting data from Dictionary VS list.
I've used this code to test :

    internal class Program
{
    private static void Main(string[] args)
    {
        var stopwatch = new Stopwatch();
        List<Grade> grades = Grade.GetData().ToList();
        List<Student> students = Student.GetStudents().ToList();

        stopwatch.Start();
        foreach (Student student in students)
        {
            student.Grade = grades.Single(x => x.StudentId == student.Id).Value;
        }
        stopwatch.Stop();
        Console.WriteLine("Using list {0}", stopwatch.Elapsed);
        stopwatch.Reset();
        students = Student.GetStudents().ToList();
        stopwatch.Start();
        Dictionary<Guid, string> dic = Grade.GetData().ToDictionary(x => x.StudentId, x => x.Value);
        foreach (Student student in students)
        {
            student.Grade = dic[student.Id];
        }
        stopwatch.Stop();
        Console.WriteLine("Using dictionary {0}", stopwatch.Elapsed);
        Console.ReadKey();
    }
}

public class GuidHelper
{
    public static List<Guid> ListOfIds=new List<Guid>();

    static GuidHelper()
    {
        for (int i = 0; i < 10000; i++)
        {
            ListOfIds.Add(Guid.NewGuid());
        }
    }
}


public class Grade
{
    public Guid StudentId { get; set; }
    public string Value { get; set; }

    public static IEnumerable<Grade> GetData()
    {
        for (int i = 0; i < 10000; i++)
        {
            yield return new Grade
                             {
                                 StudentId = GuidHelper.ListOfIds[i], Value = "Value " + i
                             };
        }
    }
}

public class Student
{
    public Guid Id { get; set; }
    public string Name { get; set; }
    public string Grade { get; set; }

    public static IEnumerable<Student> GetStudents()
    {
        for (int i = 0; i < 10000; i++)
        {
            yield return new Student
                             {
                                 Id = GuidHelper.ListOfIds[i],
                                 Name = "Name " + i
                             };
        }
    }
}

There is list of students and grades in memory they have StudentId in common.
In first way I tried to find Grade of a student using LINQ on a list that takes near 7 seconds on my machine and in another way first I converted List into dictionary then finding grades of student from dictionary using key that takes less than a second .