Master and student get paid (5)
I believe the answer is:
learn
'master' is the definition.
(thesaurus)
'student get paid' is the wordplay.
'student' becomes 'l'.
'get paid' becomes 'earn' (I've seen this before).
'l'+'earn'='LEARN'
'and' is the link.
(Other definitions for learn that I've seen before include "Find out - assimilate facts" , "Get to know" , "Absorb as knowledge, from book or experience" , "Con" , "Acquire knowledge or skill" .)