Bread made by student, eaten by grandparent, perhaps (7)
I believe the answer is:
bloomer
'bread' is the definition.
(type of loaf of bread)
'student eaten by grandparent perhaps' is the wordplay.
'student' becomes 'l' (as in L-plates for learner drivers).
'eaten by' indicates putting letters inside (inserted letters get eaten).
'grandparent perhaps' becomes 'boomer' (member of the baby boomer generation).
'l' placed inside 'boomer' is 'BLOOMER'.
'made by' is the link.
(Other definitions for bloomer that I've seen before include "Crusty loaf" , "Large loaf; or, a mistake" , "Mistake (colloq.), loaf" , "Something from the baker" , "that's made with flour!" .)