A graduate has 101 calculators (5)
I believe the answer is:
abaci
'calculators' is the definition.
(abacus is a kind of calculator)
'a graduate has 101' is the wordplay.
'graduate' becomes 'ba'.
'has' is a charade indicator (letters next to each other).
'101' becomes 'ci' (roman numerals).
'a'+'ba'+'ci'='ABACI'
(Other definitions for abaci that I've seen before include "Counting-frames" , "frames" , "help for summer" , "You can count on them" , "Simplistic adding machines" .)