The most common and most likely answer to this crossword clue is the 8 letter word ACADEMIC
I've seen this crossword clue in The Daily Telegraph
A
C
A
D
E
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I
C
More clues leading to the result ACADEMIC
- Learner turfed out by newly acclaimed teacher
- Conventional scholar
- Fellow about to be saved by a trained medic
- Teacher of no practical use
- University employee of no real use
- Formal don, say
- Scholarly accounts, second cut by half
- Lecturer of little importance
- Mike supporting Bill Edmondson and Don?
- Impressive in school, a rebel means to be heard
Buddy explains!

The straight part
We know that "Of theoretical interest only/relating to a college education" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case of theoretical interest only/relating to a college education = academic.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 ACADEMIC mean?
ACADEMIC noun- (usually capitalized) A follower of Plato, a Platonist.
- A senior member of an academy, college, or university; a person who attends an academy; a person engaged in scholarly pursuits; one who is academic in practice.
- A member of the Academy; an academician.
- A student in a college.
- Academic dress; academicals.
- Academic studies.
- Belonging to the school or philosophy of Plato
- Belonging to an academy or other higher institution of learning; also a scholarly society or organization.
- Theoretical or speculative; abstract; scholarly, literary or classical, in distinction to practical or vocational
- Having little practical use or value, as by being overly detailed, unengaging, or theoretical: having no practical importance.
- Having a love of or aptitude for learning.
- Conforming to set rules and traditions; conventional; formalistic.
- So scholarly as to be unaware of the outside world; lacking in worldliness.
- Subscribing to the architectural standards of Vitruvius.
- Study of humanities topics rather than science and engineering.