Time to hold on for a good degree (7)
I believe the answer is:
honours
'good degree' is the definition.
'honours' can be an answer for 'degree' (honours degree is a kind of degree). I am unsure of the 'good' bit.
'time to hold on' is the wordplay.
'time' becomes 'hours' (I can't explain this - if you can you should believe this answer much more).
'to hold' is an insertion indicator.
'hours' enclosing 'on' is 'HONOURS'.
'for a' acts as a link.
Can you help me to learn more?
(Other definitions for honours that I've seen before include "Respects" , "Type of university degree" , "Jack's contribution to these" .)