Noisy student, too much around university (4)
I believe the answer is:
loud
'noisy' is the definition.
('loud' is associated in meaning with 'noisy')
'student too much around university' is the wordplay.
'student' becomes 'l'.
'too much' becomes 'od' (abbreviation for overdose).
'around' is an insertion indicator.
'university' becomes 'u'.
'od' placed around 'u' is 'oud'.
'l'+'oud'='LOUD'
(Other definitions for loud that I've seen before include "This speaker is" , "Resounding" , "Flashy" , "On turning up, speakers are" , "booming" .)