Student's oddly fat (4)

I believe the answer is:

suet

'fat' is the definition.
(I know that suet is a type of edible fat)

'student's oddly' is the wordplay.
'oddly' indicates alternate letters (letters in odd-numbered positions).
The alternating letters of 'students' are 'SUET'.

(Other definitions for suet that I've seen before include "Solid fat used in cooking" , "Hard animal fat used in cooking" , "Fat used in foods" , "Hard white cooking fat" , "Edible fat used in cooking" .)

I've seen this clue in The Guardian.

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