to consume information

It means "take in" information.

Sorry to bother you with a further question.
Is it a formal usage?
And is "draw out" proper here?

"to consume information"

It means to take in the information which is taught or presented to them.

"Consume" is occasionally used this way. You can "consume electricity" (use up) or the more traditional "consume" meaning to eat.

"Draw out" means to get to something that can't or won't naturally come out. You might "draw out" a pet from hiding, but the way it is used here is fine. Here "draw out" means to get the information out from the students' brains to the surface where they can use it. "Coax" is another word you might see in the same context. You might also "draw out" someone in conversation, meaning to get them to open up or confide.

Thank you! And what does"draw out" mean here?

Thanks a million!

"draw out"

In the sentence you have, "draw out" means to bring out, or to reveal, or to bring to awareness. A good teacher helps to bring out or reveal what the student already knows or has learned. A good teacher also helps a student to think about a topic, and thinking about something, helps the student to evaluate the information.

Is that clear enough?