Note about university deferment (5)
I believe the answer is:
delay
'deferment' is the definition.
(thesaurus)
'note about university' is the wordplay.
'note' becomes 'D' (musical note).
'about' says the letters should be written in reverse.
'university' becomes 'yale' (Yale university is an example).
'yale' back-to-front is 'elay'.
'd'+'elay'='DELAY'
(Other definitions for delay that I've seen before include "Put off until later" , "Stoppage" , "Temporise" , "hold-up of train?" , "Defer; make late" .)