Though the film was a failure upon release in theaters, its subsequent airings on television helped to gain it a cult following. It was frequently shown on television due to the fact that the film featured little profanity or violence.
During the Breather's phone call to the babysitter in the beginning of the film, the phone's number plate is clearly visible. Instead of the standard fake movie "555" area code, we can see "713-270-5544." This is the current actual phone number for the Athletic Sports Bar in Houston, Texas.
The segment in the middle of the movie where an announcer, who is stated as being an 'executive producer', addresses the audience and says an expletive ('f**k you') was just added so the production could guarantee 'Student Bodies' an 'R' rating from the MPAA (the Motion Picture Association of America) since at the time the use of that word meant an automatic "R" rating. The dialogue here mentions how R-rated films at the box-office gross more money. Limited use of the "F" word would go into the "PG-13" category instead when that rating was created in July of 1984 which is the rating that this movie would likely received had it existed when it was released.
The film was funded by Paramount because of the writers strike that was going on in 1981. The studio wanted to put out as many non-union films as possible during the strike.
Producer and director Michael Ritchie had his named removed from the film's credits so as not to run into trouble from the striking writer's guild. Instead, screenwriter Mickey Rose was given on-screen director's credit.