Consumed by school, we hear (5)
I believe the answer is:
eaten
'consumed' is the definition.
(similar in meaning)
'school we hear' is the wordplay.
'school' becomes 'eton' (famous UK public school).
'we hear' shows a homophone (sound like).
'eton' sounds like 'EATEN'.
'by' is the link.
(Other definitions for eaten that I've seen before include "having been fed?" , "Consumed" , "What's taken in" , "Devoured" , "having taken courses?" .)