Consumed by college, say (5)
I believe the answer is:
eaten
'consumed' is the definition.
(similar in meaning)
'college say' is the wordplay.
'college' becomes 'eton' (Eton College, English private school).
'say' shows a homophone (sound like).
'eton' is a homophone of 'EATEN'.
'by' is the link.
(Other definitions for eaten that I've seen before include "Gobbled" , "Crammed" , "Taken into the body as food" , "having taken courses?" , "dinners should be" .)