Grasp each student in lift (7)
I believe the answer is:
realise
'grasp' is the definition.
(I've seen this before)
'each student in lift' is the wordplay.
'each' becomes 'ea'.
'student' becomes 'l' (as in L-plates for learner drivers).
'in' is an insertion indicator.
'lift' becomes 'rise' (rising is a kind of lifting**).
'ea'+'l'='eal'
'eal' put into 'rise' is 'REALISE'.
(Other definitions for realise that I've seen before include "Become aware of as a fact" , "Come to be aware" , "Ale, sire (anag.)" , "Convert goods or property into cash" , "Cotton on" .)