Actually, I have a different answer than the person above me:

"Cómo te va en el español" actually means "How is your Spanish going?" which refers to how is your study of Spanish coming along. 

>"Cómo" means "How"

> "Te" refers to the pronoun "tú"

>"Va" is a conjugation of the verb "ir", which means "to go", or in this case.."going"

You can use this phrase to ask how someone's work, school, etc. are. For example:

"Cómo te va en la escuela?" --> "How is school coming along?"

"Cómo te va en el trabajo?" --> "How is work coming along?"

It's like: How good are you at spanish? 

"te" refers to the pronoun "tú"

"va" it's like " go " as you are native speaker, you may know that are tons of ways of using the word "go"

"cómo" is the same as "how"