Greek character in school with arts degree (5)
I believe the answer is:
gamma
'greek character' is the definition.
(letter from the Greek alphabet)
'school with arts degree' is the wordplay.
'school' becomes 'gam' (I've seen this in other clues).
'with' says to put letters next to each other.
'arts degree' becomes 'MA' (Master of Arts).
'gam'+'ma'='GAMMA'
'in' is the link.
(Other definitions for gamma that I've seen before include "Foreign character" , "Third class, Gk. letter" , "The Greek g, third in alphabet" , "Greek character" , "Greek letter G" .)