Drink available when college finished each year (5)
I believe the answer is:
cuppa
'drink' is the definition.
(cuppa is a kind of drink)
'college finished each year' is the wordplay.
'college' becomes 'c'.
'finished' becomes 'up' (eg 'time's up' means the time is finished).
'each year' becomes 'PA' (abbreviation for per annum).
'c'+'up'+'pa'='CUPPA'
'available when' is the link.
(Other definitions for cuppa that I've seen before include "Refreshing brew" , "Drink of tea (informal)" , "Drink of tea (colloq.)" .)