The most common and most likely answer to this crossword clue is the 8 letter word STIPENDS
I've seen this crossword clue in The Guardian
S
T
I
P
E
N
D
S
Buddy explains!

The straight part
We know that "pay/ pay" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case pay/ pay = stipends.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 STIPENDS mean?
STIPENDS noun- A scholarship granted to a student.
- A fixed payment, generally small and occurring at regular intervals; a modest allowance.