When you try to translate the words Ishq wala love for the first it looks crazy and idiotic, because the simple translation of the phrase would be 'love that's about love.'
However, when you see the words around it and give a little more attention to what the lyricist of 'Student Of The Year' is trying to explain, it gets a little more meaningful.
Basically by ishq wala love, the meaning is love that is serious, something that is not an infatuation, something that would not die in a few days, a love that will be there forever, a love that is about love. Ishq wala love.
Hope it makes a little more sense now.
Check All Lyrics, Meanings and Translations from Student of The Year HERE.