Matt Dillon's outing of his teacher in his acceptance speech is based upon Tom Hanks' real-life acceptance speech at The 66th Annual Academy Awards (1994) for his Oscar for Philadelphia (1993), in which he thanked a gay teacher.
The Oscar statuette used in the film is Kevin Kline's. He won it in 1989 for his performance in A Fish Called Wanda (1988).
All of the high school scenes were shot at Pompton Lakes High School in Pompton Lakes, NJ. Unfortunately the school district's superintendent forgot to sign the waiver allowing the school's name to be mentioned in the credits. Other than paint, the building remains nearly identical to the way it was during filming, including the unique terraced floor in the poetry class scene.
The disco group The Village People originally would not sign off on the use of the song "Macho Man" for the film, which features the track heavily. The disco tribute band The Boogie Knights was therefore hired to record a cover version to use instead. After the cover version was completed, The Village People ultimately decided to let the filmmakers use their original version and the Boogie Knights version was never used.