Class going round university meeting-place (5)
I believe the answer is:
forum
'meeting-place' is the definition.
(I've seen this before)
'class going round university' is the wordplay.
'class' becomes 'form' (form class is a kind of class).
'going round' is an insertion indicator.
'university' becomes 'u'.
'form' placed around 'u' is 'FORUM'.
(Other definitions for forum that I've seen before include "Ground for discussion" , "Meeting of people for discussion" , "Place to meet people" , "Place of assembly for the people in ancient Greece" , "A meeting to exchange views" .)