Throughout quantum mechanics we assume that besides position and momentum, the only other degree of freedom an electron has is its spin--which as you said generates a magnetic dipole field. It possesses no "quadrupole spin" or higher-order degree of freedom.
Let's imagine the electron did have an additional degree of freedom akin to a spin, take the most basic case of a "quadrupole spin" of 1/2, such that it can have a quadrupole moment of "up" or "down" in addition to a dipole moment of "up" or "down." For shorthand let's write "up" and "down" as + and -. (Also assume that this particle is still a fermion--this is actually a nontrivial assumption.) Therefore the electron with normal spin 1/2 and "quadrupole spin" 1/2 would have one of the following spin states: |++>, |+->, |-+>, or |-->. If this were the case, then a hamiltonian that doesn't depend on the magnetic dipole or quadrupole moments would have quadruply degenerate energy levels rather than the usual double. For example, instead of a single S orbital permitting two electrons, it would permit four electrons when we include the quadrupole-1/2 degree of freedom, one each corresponding to |++>, |+->, |-+>, and |-->.