Exhausted and exploited at university (4,2)
I believe the answer is:
used up
'exhausted' is the definition.
('used-up' can be similar in meaning to 'exhausted')
'exploited at university' is the wordplay.
'exploited' becomes 'used' ('used' can be a synonym of 'exploited').
'at university' becomes 'up'.
'used'+'up'='USED-UP'
'and' acts as a link.
(Other definitions for used up that I've seen before include "Spent" , "Consumed, finished" , "Exhausted the supply" , "Consumed completely" .)