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It's girls vs. boys. There's a nice similarity in the classic containment devices for both titles, while the girls punk it out and the boys keep it serious.
Old School is about a New England prep school in the 60s, where the boys compete in a writing competitions to grant them an audience with the great writers of the day.
School's Out is a retelling of Lord of the Flies where the island is actually the classroom of a middle school. After a teacher commits suicide, the substitute teacher slowly comes to realize his class is a creepy gang that all the other teachers are terrified of.