Drop-out returned interest in magistrate (7)
I believe the answer is:
beatnik
'drop-out' is the definition.
I can't tell whether this definition defines the answer.
'returned interest in magistrate' is the wordplay.
'returned' says the letters should be written in reverse.
'interest' becomes 'int'.
'in' is an insertion indicator.
'magistrate' becomes 'beak' (informal term).
'int' back-to-front is 'tni'.
'tni' going within 'beak' is 'BEATNIK'.
Can you help me to learn more?
(Other definitions for beatnik that I've seen before include "Rebellious youth (dated)" , "Fifties dropout" , "1950s' bohemian" , "Fifties rebel" , "Young nonconformist of the 1950s and 1960s" .)