Make fun of student event (3)
I believe the answer is:
rag
I believe this is a double definition.
'make fun of' is the first definition.
(to rag on someone is to make fun of them)
'student event' is the second definition.
(I've seen this before)
(Other definitions for rag that I've seen before include "Sensational paper" , "Small piece of cloth and university week" , "Piece of music" , "Practical joke" , "Make fun of; scrap" .)