This movie is about several kids who do not get accepted into college. To avoid facing their parents' disappointment, they end up creating a college of their own. It starts with a fake acceptance letter, then a fake website, then a fake campus, and when the website was accidentally made functional, they suddenly have a bunch of students show up at the fake campus for orientation and end up trying to run a real college, albeit a very unorthodox one.
This movie is pretty standard fare but enjoyable. It does promote fraud as "creativity" in a way and general irresponsibility, misuse of parents' money, and so on to a point, etc., but it is pretty obvious even to a young viewer that what they are doing is stupid.