The game had a school-oriented theme in which three contestants competed to answer questions on general school-based subjects in an attempt to win a $50,000 college fund, hence the name of the show.
Burton Richardson announced the show, and a male model identified as "Gorgeous George" Davidson occasionally brought out props related to the questions.
In first through fourth grades, a miss allowed the opponents a chance to buzz in and steal the points.
The player with the lowest score by the end of 8th Grade was "expelled" / eliminated from the game and received consolation prizes.
In case of a tie for second place, a sudden-death toss-up question will be asked and will decide who will move on to High School.
The first player to give a correct answer in this round won a $200 bonus prize, either as a gift certificate for Domino's Pizza or as quarters ostensibly for "washing machines".
After the 12th grade question, the "Senior Year Showdown" was played, focusing on a single subject chosen from two alternatives offered by Summers.