The most common and most likely answer to this crossword clue is the 8 letter word CONFEREE
I've seen this crossword clue in The Guardian
C
O
N
F
E
R
E
E
Buddy explains!

The straight part
We know that "One awarded a degree" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case one awarded a degree = conferee.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 CONFEREE mean?
CONFEREE noun- A person who participates in a conference.
- A person on whom something is conferred or bestowed.