Luggage as graduate goes on vacation (4)
I believe the answer is:
bags
'luggage' is the definition.
(I've seen this before)
'graduate goes on vacation' is the wordplay.
'graduate' becomes 'ba' (someone with a Bachelor of Arts degree).
'on vacation' means to remove the middle letters.
'goes' with its centre removed is 'gs'.
'ba'+'gs'='BAGS'
'as' is the link.
(Other definitions for bags that I've seen before include "fashion accessories" , "Holdalls" , "Childishly claims" , "Flexible containers, of paper say" , "Gets" .)