Learned person's panic mostly about short vacation (7)
I believe the answer is:
scholar
'learned person's' is the definition.
(I've seen this in another clue)
'panic mostly about short vacation' is the wordplay.
'panic mostly' becomes 'scar' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'about' is an insertion indicator.
'short' means to remove the last letter.
'vacation' becomes 'hols' (short for holidays).
'hols' with its last letter taken away is 'hol'.
'scar' enclosing 'hol' is 'SCHOLAR'.
Can you help me to learn more?
(Other definitions for scholar that I've seen before include "university type?" , "Noted academic" , "Distinguished academic" , "Subject of poem by 1 across" , "Man of letters" .)