Class of What?
I recently watched this movie first the first time as part of the Atomic Wedgie Collection. I noticed that Stan Grable introduced himself as Class of 1980 to the University Alumni guy, and Lewis Scolnick said he was the Class of 1981. The first movie was released in 1984, while true it could have been filming in 1983, Lewis was freshman in that movie so he would have been the class of 1987 or 1988 (right after the Nerds II movie ended) and I think Stan would have alredy been near graduation in that movie so he would have been the class of 1983 or 1984.
I don't think the movie took place in the late 70s because the most of the cars and computers were all from the early '80s. Heck the showed the old Atari 2600 I had as a kid and that didn't come out until 1981. So did the writers of this movie screw up or did or the movie was based in 1977 or somewhere around there despite the technology and music featured in the movie.