IMDB
http://www.imdb.com/title/tt0384793/

After being rejected from every college he applied, Bartleby Gaines decided to create a fictitious university, South Harmon Institute of Technology, with his friends, to fool their parents. But when their deception works too well and every other college rejects starts to apply to his school, B. must find a way to give the education and future his students and friends deserves, including his own, while trying to win the heart of the girl next door

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