Student's joint award? (11)
I believe the answer is:
scholarship
'award?' is the definition.
(scholarship is a kind of award)
'student's joint' is the wordplay.
'student's' becomes 'scholars' (scholar is a kind of student**).
'joint' becomes 'hip' (hip is a kind of joint).
'scholars'+'hip'='SCHOLARSHIP'
(Other definitions for scholarship that I've seen before include "Pursuit of learning; money to help this" , "(Award for) learning" , "financial aid" , "Work of 6 [ACADEMIA]" , "(Grant awarded for) academic learning" .)