Simple degree is set up by college (5)
I believe the answer is:
basic
'simple' is the definition.
('basic' can be similar in meaning to 'simple')
'degree is set up by college' is the wordplay.
'degree' becomes 'ba' (Bachelor of Arts).
'set up' says the letters should be written backwards.
'by' says to put letters next to each other.
'college' becomes 'c'.
'is' backwards is 'si'.
'ba'+'si'+'c'='BASIC'
(Other definitions for basic that I've seen before include "essential" , "Popular programming language" , "Simple form of language" , "Key" , "No-frills" .)