Om sahana avavatu
Om let us together/altogether (saha na) that which is happening in good manner (avavatu)
let us together (saha na) which we eat/enjoy (bhunaktu) (in essence to say that which we consume with our bodies literally and figuratively)
saha viryam karaavavahai
together (saha) give us strength (viryam) to perform for the benefit of (karaavavahai)
Tejasvinau adhitam astu
illuminating us in (Tejasvinau) our studies (adhitam) be it so that (astu)
from our (maa) enemies/enemity (vidvishaavahai)
Om Shantih Shantih Shantih
Om peace, peace, peace
Om let us together that which is happening in good manner. let us together that which we eat/enjoy, together give us strength to perform for the benefit of, illuminating us in our studies (or what is studied) be it so that, from our enemies/enemity Om peace, peace, peace.
Websites with other meanings–
Notes: for the meaning in the above website I would like to point there are no words in the sloka for a teacher or student or lord. Nonetheless the meanings from the websites convey the over all meaning. Since I am particular about what makes sense to me and how I understand things, it helps me to take a deeper look at it for a meaning to understand it in way it is meant to be understood in Sanskrit.