Ingredient set with university (4)
I believe the answer is:
suet
'ingredient' is the definition.
'set with university' is the wordplay.
'with' indicates putting letters inside.
'university' becomes 'u' (abbreviation for university).
'set' enclosing 'u' is 'SUET'.
(Other definitions for suet that I've seen before include "Edible animal fat" , "Hard edible fat" , "Fatty stuff used in cooking" , "Thin pancake" , "Solid fat used in cooking" .)