Om sahana avavatu
Om help us together to (saha na) that which is happening in good manner (avavatu)
Help us together to that you are part of now (sahanau) which we eat/enjoy (bhunaktu) (in essence to say that which we consume with our bodies literally and figuratively)
saha viryam karaavavahai
Help (saha) to give us strength (viryam) to perform in order to (karaavavahai)
illuminate in us (people part of) (Tejasvinau) that ignorance/darkness (adhitama) be it so that (astu)
from our (maa) study (vid) enmity/poison that exists (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 enmity/poison that exists. 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.