A quicker way to solve fill-in-the-blank conjunction questions like this is to insert each option into the sentence and read it aloud, checking whether the resulting sentence is complete and natural.
Reading each option into the sentence shows that only "till" produces a grammatical, naturally meaningful sentence.
Hence, the correct answer is till.
An alternative method is to test the logical relationship each option creates between the two clauses, "Study hard" and "you will not pass the exam."
Only "else" produces the correct warning-and-consequence meaning.
Hence, the correct answer is else.