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Peggy Donovan enters a fashionable but poverty-stricken Virginia finishing school run by Colonel Selby Matthews and his sister Emily. Lucille Farnsworth, Peggy's snobbish roommate, who suspects that she is not a member of high society, pries into her past. She discovers that Peggy has $30,000 in her luggage and reports this information to Matthews. When Matthews asks Peggy to explain, she convinces him that the money is legitimately hers and offers to use some of it to pay off the school's mortgage in return for a partnership. Matthews accepts her offer, but in the meantime, Lucille writes to a Chicago address she has discovered on Peggy's luggage and unwittingly informs gambler Dave Vickers that Peggy is at the school. Unaware of what Lucille has done, Peggy falls in love with Barry Sheppard, who runs a gas station to pay for his engineering studies. When Vickers arrives, Peggy confesses to Matthews that her late father was a professional gambler and Vickers' partner. Vickers demands half of the money, which she inherited from her father. Peggy is willing to divide the money, but when Matthews learns that it was won in a card game, he surrenders the entire amount to the police. Peggy then rouses the alumnae to raise money to save the school and clinches her romance with Barry.