College has to pay island resort (5)
I believe the answer is:
cowes
'island resort' is the definition.
(town on the Isle of Wight)
'college has to pay' is the wordplay.
'college' becomes 'c'.
'has to pay' becomes 'owes' (I've seen this before).
'c'+'owes'='COWES'
(Other definitions for cowes that I've seen before include "where regatta happens" , "IOW regatta location" , "English town?" , "IOW regatta venue" , "IOW regatta place" .)