- A spoiled rich young man hires a young hustler, who lives in a broken car and owes money to a dicey loan shark, to take his place in his elite prep school and graduate for him.
- Lazy preppie Palmer Woodrow hires street-smart Eddie Keaton to go to school for him while he lives it up in Europe. Eddie falls in love with preppie gal Tracey, upsetting Biff, the Hoover Academy bully. When his bookie from the old neighborhood, Dice, comes to collect on Eddie's gambling debts and Palmer returns early from Europe, the scheme slowly starts to unravel. Soon, Eddie can't even tell whose side he's really on.—Tim Kretschmann <Tim.K@VirComm.com>
- Spoiled and wealthy Palmer Woodrow is given an ultimatum by his father. Either graduate from prep school or get a job. He doesn't want to do either.
Street-smart Eddie Keaton is on the run because he owes a large sum to his bookie, Dice. His only friend is Nicky, a hot dog vendor. While running from Dice's henchmen, Eddie ends up on the grounds of an exclusive country club. He takes refuge in the locker room, where he overhears a conversation between Palmer and his geeky friend Rand. They are discussing whether Palmer should hire someone to impersonate him at Hoover Academy. Eddie volunteers his services and Palmer agrees to pay him $10,000 upon graduation, plus his red sports car. Rand also demands to be paid, as Eddie can't make it through the year without his help.
Eddie's arrival at Hoover is a disaster. He wears the wrong clothing and alienates preppies Biff and Skip, who consequently have it in for him. Rand takes him shopping for preppy clothes and gives him tips on how to act. Eddie spots a pretty girl driving by and promptly falls in love. She turns out to be Tracey Hoover, great-granddaughter of the school's founder.
At a dance, Eddie manages to take Tracey away from her date. He amazes the crowd with his break-dancing and stops Biff and Skip from bullying Rand. A few days later, Palmer's stuck-up girlfriend Muffy stops by looking for him. Eddie gives his name as Biff and makes up a lie about not being able to find Palmer. Muffy leaves after promising to return.
Eddie performs poorly at sports and makes a friend of Coach Wordman, who offers him a beer and tells him to do the best he can.
Meanwhile Dice, his henchmen, and Nicky show up at Hoover. Nicky apologetically shows his bandaged hand, indicating that he was forced to reveal Eddie's whereabouts. Dice informs Eddie that his debt is now $10,000, the same amount Palmer is paying him. To make sure he doesn't run away, Dice and the others will be staying nearby.
Palmer unexpectedly shows up, bored with Europe. He moves into Eddie and Rand's dorm room and promises to take care of Muffy.
On the night of a fundraising dinner, Dice and his Dicettes throw a party in Eddie and Rand's room. Things get out of hand and the potential investors withdraw their support. Mr. Harriman, the headmaster, is furious and threatens to expel Eddie unless his father comes in for a meeting. Since Mr. Woodrow is in Europe, Nicky takes his place. He promises to build the school a new library if Eddie is allowed to stay. Dices poses as Mr. Woodrow's financial adviser and creates a scheme to embezzle money from the school.
Tracey invites Eddie to go horse riding. He has never been on a horse but does his best. Afterward they make love in the tack room.
As time passes, Eddie turns into a snob. He brushes off Rand and Palmer and acts like he's better than they are. Then Muffy pays another visit to Hoover, even though Palmer broke up with her. She still believes Eddie is Biff, so he tries to keep her away from Tracey. But she sees them together and breaks up with Eddie. She won't see him or accept his phone calls. Accompanied by Rand and Palmer, Eddie hot-wires Biff's car and they drive to her home late one night. It is no use. She tells him that he has become someone she doesn't want to know. Eddie cannot get the car started again so he leaves it on the Hoovers' lawn and they walk back to campus. Biff is expelled for leaving the school after hours, even though he protests his innocence.
At last it is graduation. Before the ceremony begins, Dice is accosted by a man claiming to be the Woodrow family chauffeur. Coach Wordman, posing as Palmer's father, orders Dice to leave the state or be arrested. He promises to "take care" of the student posing as his son. They are driven to the airport and Dice is given an airline ticket.
Diplomas are awarded and Tracey observes Eddie giving his to Palmer in exchange for an envelope and a set of car keys. Then the Hoover prize for the most outstanding student is given to Eddie. At first he accepts the plaque, then decides to tell the truth. He confesses that he is Eddie Keaton and points out the real Palmer. He also admits that his "father" is really Nicky and the Woodrow business manager is a bookie. Pandemonium breaks out and Mr. Harriman faints. During the confusion, Eddie slips away. He meets Palmer, Muffy, and Rand outside. Tracey pushes through the crowd, calling Eddie by his real name. Just as he is leaving, she catches up and gets into the car with him. They kiss and drive away together.
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