Put money aside to cover student work (5)
I believe the answer is:
slave
'work' is the definition.
(slaving is a kind of working)
'put money aside to cover student' is the wordplay.
'put money aside' becomes 'save' (I've seen this before).
'to cover' is an insertion indicator.
'student' becomes 'l' (as in L-plates for learner drivers).
'save' going around 'l' is 'SLAVE'.
(Other definitions for slave that I've seen before include "Person in thraldom" , "Bondsman, thrall" , "Person who is the property of another" , "Person in bondage" , "Person owned for work" .)