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Hide out and study Penny after a degree (7)

Ross

I believe the answer is:

abscond

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'hide out' is the definition.
Although both the answer and definition are verbs in their base form, I can't see how one could define the other.

'study penny after a degree' is the wordplay.
'study' becomes 'con' (con can informally mean to study).
'penny' becomes 'd' (pre-decimalisation abbreviation for penny).
'after' means one lot of letters go next to another.
'degree' becomes 'bs' (BS is an example).
'con'+'d'='cond'
'a'+'bs'='abs'
'cond' put after 'abs' is 'ABSCOND'.

'and' acts as a link.

Can you help me to learn more?

(Other definitions for abscond that I've seen before include "Make off, do a runner" , "Depart without permission" , "Go away secretly after doing wrong" , "Do a bunk" , "Flee" .)

I've seen this clue in the Sydney Morning Herald.
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