Accepted (2006)

A high school slacker named Bartleby Gaines is rejected by every college he applies to. In order to satisfy his parents and create a future for himself, Bartleby decides to start his own college, the South Harmon Institute of Technology. He and his friends convert an abandoned psychiatric facility into the college and unexpectedly attract a large number of rejected students. With a million dollars in tuition money, Bartleby must turn his fake college into a functioning one. However, their fun is threatened when the jocks from a rival school try to ruin everything they've built.