Someone who is in school for a perpetually long time, for a scholarly degree that has no practical use in the real world. Usually describes someone who comes from a wealthy or aristocratic family since pursuing such a degree costs a lot of money and won't help the individual obtain a job. In polite societies, may be used derisely to describe someone as a "professional student".
Catherine: Ah Mr. Darcy, the last time I saw you ten years ago, you were pursuing a Philosophy Degree at Oxford. What have you been up to now?

Mr Darcy: I am attending Harvard and working on my Ph.D. in Western Mediveal Literature.

Catherine: Oh that's nice. (Mockingly) You're quite the gentleman scholar.
by histrionic June 25, 2010

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