The most common and most likely answer to this crossword clue is the 8 letter word FRESHERS
I've seen this crossword clue in Financial Times
F
R
E
S
H
E
R
S
More clues leading to the result FRESHERS
Buddy explains!

The straight part
We know that "students" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case students = freshers.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 FRESHERS mean?
FRESHERS noun- A first year student at a university.
- A fresh graduate looking for his or her first job.