Ok, So what does a 47 year old guy think? First of all, they could have cut 40 minutes out of it. But other than that you really feel like you're going to another world. . .when in reality all they did is shoot everything on a soundstage.
Although it is billed as a documentary, I think the producers said to the editor and DP, cut it like "The Hills" or "The OC". That being said, I found the students (actors?) very believable with regard to the subject matter.
It brought me back to the time when I was going to college thinking (just like the teenagers in the movie) that if I don't get into the right college, my life is over and nothing else matters.