Lazy preppie Palmer Woodrow employs street-smart Eddie Keaton to head to college 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 bookmaker from the old area, Dice, comes to gather on Eddie's betting debts as well as Palmer returns early from Europe, the scheme gradually begins to unwind. Soon, Eddie can't also inform whose side he's really on.