Academic fighting to axe college's voluntary contribution? (8)
I believe the answer is:
donation
'voluntary contribution?' is the definition.
'academic fighting to axe college's' is the wordplay.
'academic' becomes 'don' (I've seen this before).
'fighting' becomes 'action' (I've seen this before).
'to axe' suggests deleting specific letters.
'college' becomes 'c'.
'action' with 'c' taken away is 'ation'.
'don'+'ation'='DONATION'
(Other definitions for donation that I've seen before include "Gift or contribution" , "Do anoint by way of a gift" , "present" , "An offering or charitable gift" , "Gift of money as to charity" .)