Terrible flaw, running around university (5)
I believe the answer is:
awful
'terrible' is the definition.
(I know that terrible can be written as awful)
'flaw running around university' is the wordplay.
'running' is an anagram indicator (the letters run around to different places).
'around' means one lot of letters goes inside another.
'university' becomes 'U' (abbreviation for university).
'flaw' with letters rearranged gives 'awfl'.
'awfl' enclosing 'u' is 'AWFUL'.
(Other definitions for awful that I've seen before include "dire result" , "Disgusting" , "Horrible" , "Not good at all" , "Very embarrassing" .)