Cryptic crossword clue
Graduate returned key that's packed up 5

The most common and most likely answer to this crossword clue is the 5 letter word BALED

I've seen this crossword clue in The Times
B
A
L
E
D

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The straight part
We know that "packed up" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case packed up = baled.
The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.
This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.

What does BALED mean?

BALED verb
  1. To remove water from a boat with buckets etc.

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