Note rates of student allowances (6)
I believe the answer is:
grants
'student allowances' is the definition.
The answer and definition can be both acts as well as being plural nouns.
Perhaps you can see a link between them that I don't see?
'note rates' is the wordplay.
'note' becomes 'g' (musical note).
'rates' becomes 'rants' (I can't explain this - if you can you should believe this answer much more).
'g'+'rants'='GRANTS'
'of' acts as a link.
Can you help me to learn more?
(Other definitions for grants that I've seen before include "Gives formally or allows as privilege" , "they're of help to the impecunious" , "Allows as a privilege or transfers legally" , "'Subsidies, monetary aid (6)'" , "Allows or bestows" .)