A C172 STUDENT AND FLT INSTRUCTOR VFR TRAINING MISUNDERSTOOD MLU APCH INSTRUCTIONS AND HAVE A CONFLICT WITH A KING AIR.

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MY STUDENT AND I WERE ON AN IFR CLRNC; PRACTICING INST APCHS AND HOLDING PROCS. WE WERE CLRED TO HOLD OVER THE SABAR NDB AT 3000 FT. AFTER 3 TURNS IN THE HOLDING PATTERN; I REQUESTED TO EXIT THE HOLD AND SHOOT THE ILS TO RWY 4 VIA MY OWN NAV. THE CTLR INSTRUCTED ME TO MAINTAIN 3000 FT OVER SABAR AND PROCEED OUTBOUND ON THE APCH AND THAT HE WOULD CALL OUR PROC TURN OUTBOUND. I UNDERSTOOD THIS CLRNC TO BE; MAINTAIN 3000 FT UNTIL WE WERE PAST SABAR THEN WE COULD DSND TO OUR PRESCRIBED ALT ON OUR APCH PLATES AND WAIT FOR THE CTLR TO CALL OUR PROC TURN. ONCE ESTABLISHED ON THE OUTBOUND COURSE AND PAST SABAR; WE STARTED OUR DSCNT TO 2000 FT. AT AROUND 2300 FT; I SAW A KING AIR COME AND PASS RIGHT OFF OUR R WING AT A SLIGHTLY LOWER ALT. IMMEDIATELY THE CTLR ASKED OUR ALT; AND I RESPONDED 2300 FT. HE THEN SAID 'I TOLD YOU TO MAINTAIN 3000 FT.' I SAID 'YOU TOLD US TO MAINTAIN 3000 FT OVER SABAR.' I AM CERTAIN HE DID NOT TELL US TO MAINTAIN 3000 FT OUTBOUND BUT ONLY 3000 FT OVER SABAR. I THINK THAT THINGS LIKE THIS COULD BE AVOIDED IF CTLRS WERE MORE SPECIFIC ABOUT WHAT THEY WANT YOU TO DO. THERE SHOULD ALSO BE A SET STANDARD ON WHAT THEY SAY. THERE IS A LOT OF CTLRS WHO SAY THINGS DIFFERENT WAYS THAN OTHER CTLRS WOULD. ALSO; MONROE REGIONAL HAS 2 SEPARATE APCH/DEP FREQS. ONE IS FOR W OF THE ARPT; AND THE OTHER IS FOR THE E. THE SAME CTLR HANDLES BOTH FREQS THOUGH. A LOT OF TIMES; 2 SEPARATE AIRPLANE CONTACT THE CTLR AT THE SAME TIME; BUT SINCE THEY CAN'T HEAR EACH OTHER BECAUSE OF THE DIFFERENT FREQ IT GETS REAL FRUSTRATING. THE KING AIR WAS ON THE OTHER FREQ BUT I COULDN'T HEAR HIM; ONLY THE CTLR. IF I WOULD HAVE HEARD HIM COMMUNICATING ALSO I THINK I WOULD HAVE SOLVED THE PROB WAY BEFORE IT EVER HAPPENED.