Jean and Louise Dana are given a valuable study lamp by their Uncle Ned. The girls plan to place it in their study room at Starhurst when they return for their sophomore year. But before the girls leave, the lamp is stolen! After the sisters return to Starhurst, they discover the lamp in a secondhand shop and buy it back. Unwittingly, the girls make an enemy of their classmate, Lettie Briggs, not only because the girl had planned to buy the lamp but because the Danas' room is the one Lettie wanted to have at Starhurst.

The Danas are overjoyed when they discover that their friend Evelyn Starr has returned to Starhurst. Evelyn's family once owned Starhurst, but Evelyn and her brother now have very little money, and Evelyn is unsure that she can pay for the tuition. The Danas hope that they can find a way to help Evelyn stay at Starhurst, little realizing that the solution to Evelyn's problem is held within the antique study lamp.