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“He isn’t eavesdropping,” I said, handing it back. “There’s another bell downstairs that rings in time with this one.”

“How?” She asked, then answered her own question. “Magic?”

“You could call it that.”

“Is that the sort of thing you do over there?” She jerked her head in the direction of the river and the University beyond. “It seems a little . . . tawdry.”

“It’s the most frivolous use of sygaldry I’ve ever seen,” I said.

Denna burst out laughing. “You sound so offended,” she said. Then, “It’s called sygaldry?”

“Making something like that is called artificing,” I said. “Sygaldry is writing or carving the runes that make it work.”

Denna’s eyes lit up at this. “So it’s a magic where you write things down?” she asked, leaning forward in her chair. “How does it work?”

I hesitated. Not only because it was a huge question, but because the University has very specific rules about sharing Arcanum secrets. “It’s rather complicated,” I said.

Luckily, at that moment there was another knock on the door and our chocolate arrived in steaming cups. My mouth watered at the smell of it. The man set the tray on a nearby table and left without a word.

I sipped and smiled at the thick sweetness of it. “It’s been years since I’ve had chocolate,” I said.

Denna lifted her cup and looked around the room. “It’s strange to think some people live their whole lives like this,” she mused.

“It’s not to your liking?” I asked, surprised.

“I like the chocolate and the harp,” she said. “But I could do without the bell and a whole room just for sitting.” Her mouth curved into the beginning of a frown. “And I hate knowing someone is set to guard me, like I’m a treasure someone might try to steal.”

“You’re not to be treasured, then?”

She narrowed her eyes over the top of her cup, as if she wasn’t sure how serious I was. “I don’t fancy being under lock and key,” she clarified with a grim note in her voice. “I don’t mind being given rooms, but they aren’t really mine if I’m not free to come and go.”

I raised an eyebrow at that, but before I could say anything she waved her hand dismissively. “It’s not like that really,” she sighed. “But I don’t doubt Kellin is informed of my comings and goings. I know the porter tells him who comes calling. It rankles a bit is all.” She gave a crooked smile. “I suppose that seems terribly ungrateful, doesn’t it?”

“Not at all,” I said. “When I was younger, my troupe traveled everywhere. But every year we would spend a few span at our patron’s estate, performing for his family and his guests.”

I shook my head at the memory. “Baron Greyfallow was a gracious host. We sat at his own table. He gave us gifts . . .” I trailed off, remembering a regiment of tiny lead soldiers he’d given me. I shook my head clear of the thought. “But my father hated it. Climbed the walls. He couldn’t tolerate the feeling of being at someone’s beck and call.”

“Yes!” Denna said. “That’s exactly it! If Kellin says he might pay me a visit on such and such evening, suddenly I feel I’ve had one foot nailed to the floor. If I leave I’m being obstinate and rude, but if I stay I feel like a dog waiting by the door.”

We sat for a moment in silence. Denna twirled the ring on her finger absentmindedly, sunlight catching the pale blue stone.

“Still,” I said, looking around. “They are nice rooms.”

“They’re nice when you’re here,” she said.

Several hours later, I climbed a narrow flight of stairs behind a butcher’s shop. There was a faint, pervasive smell of rancid fat from the alley below, but I was smiling. An afternoon with Denna entirely to myself was a rare treat, and my step was surprisingly light for someone about to make a deal with a demon.

I knocked on the solid wooden door at the top of the steps and waited. No guild moneylender would trust me with a bent penny, but there are always folk willing to lend money. Poets and other romantics call them copper hawks, or sharps, but gaelet is the better term. They are dangerous people, and wise folk steer well clear of them.

The door opened a crack, then swung wide, revealing a young woman with a pixie face and strawberry-blonde hair. “Kvothe!” Devi exclaimed. “I worried I might not see you this term.”

I stepped inside, and Devi bolted the door behind me. The large, windowless room smelled pleasantly of cinnas fruit and honey, a refreshing change from the alley.

One side of the room was dominated by a huge canopy bed, its dark curtains drawn. On the other side was a fireplace, a large wooden desk, and a standing bookshelf three-quarters full. I wandered over to eye the titles while Devi locked and barred the door.

“Is this copy of Malcaf new?” I asked.

“It is,” she said walking over to stand beside me. “A young alchemist who couldn’t settle his debt let me pick through his library in order to square things between us.” Devi carefully pulled the book from the shelf, revealing Vision and Revision in gold leaf on the cover. She looked up at me, grinning impishly. “Have you read it?”

“I haven’t,” I said. I’d wanted to study it for admissions but hadn’t been able to find a copy in the Stacks. “Just heard about it.”

Devi looked thoughtful for a moment, then handed it to me. “When you’ve finished, come back and we’ll discuss it. I’m woefully devoid of interesting conversation these days. If we have a decent argument, I might let you borrow another.”

Once the book was in my hands, she tapped the cover lightly with a finger. “This book is worth more than you are.” She said without a hint of playfulness in her voice. “If it comes back damaged, there will be an accounting.”

“I’ll be very careful,” I said.

Devi nodded, then turned and walked past me toward the desk. “Right then, on to business.” She sat down. “Cutting it a little close, aren’t you?” she asked. “Tuition needs to be paid before noon tomorrow.”

“I live a dangerous and exciting life,” I said as I wandered over and took a seat across from her. “And delightful as I find your company, I was hoping to avoid your services this term.”

“How do you like tuition as a Re’lar?” she asked knowingly. “How hard did they hit you?”

“That’s a rather personal question,” I said.

Devi gave me a frank look. “We are about to enter into a rather personal arrangement,” she pointed out. “I hardly feel I’m overstepping myself.”

“Nine and a half,” I said.

She snorted derisively. “I thought you were supposed to be all manner of clever. I never got higher than seven when I was a Re’lar.”

“You had access to the Archives,” I pointed out.

“I had access to vast stores of intellect,” she said matter-of-factly. “Plus, I am cute as a button.” She gave a grin that brought out dimples in both her cheeks.

“You are shiny as a new penny,” I admitted. “No man can hope to stand against you.”

“Some women have trouble keeping their feet as well,” she said. Her grin changed slightly, moving from adorable to impish and then well past the border into wicked.

Not having the slightest idea how to respond to that, I moved in a safer direction. “I’m afraid I need to borrow four talents.” I said.

“Ah,” Devi said. Suddenly businesslike, she folded her hands atop the desk. “I’m afraid I’ve made a few changes to my business recently,” she said. “Currently, I am only extending loans of six talents or more.”

I didn’t bother trying to hide my dismay. “Six talents? Devi, that extra debt will be a millstone around my neck.”

She gave a sigh that sounded at least slightly apologetic. “Here’s the trouble. When I make a loan, I run certain risks. I risk losing my investment if my debtor dies or tries to run. I run the risk they’ll attempt to report me. I run the risk of being brought up against the iron law, or worse, the moneylender’s guild.”