About to graduate with student in clique (5)
I believe the answer is:
cabal
'clique' is the definition.
(I know that cabal is a type of clique)
'about to graduate with student' is the wordplay.
'about' becomes 'ca' (short for circa).
'to graduate' becomes 'BA' (someone with a Bachelor of Arts degree).
'with' says to put letters next to each other.
'student' becomes 'l' (as in L-plates for learner drivers).
'ca'+'ba'+'l'='CABAL'
'in' acts as a link.
(Other definitions for cabal that I've seen before include "Intrigue, clique" , "Secret political group" , "Secret political clique or faction" , "Secret plot or the people engaged in it" , "Plotting group" .)