This feels very stilted and patronizing to a great extent. The whole plot is extremely forced - especially the "gallant" effort to save the college from ruin, and the moralistic overtone (especially by the leading lady) grates a bit.
But there are one or two comic moments that do help relieve the boredom, and the dancing is quite fun (especially for alleged amateurs - ha, ha!)
The shop proprietor and the young guy doing spectacular tap dancing were particular highlights. And I liked Peter Hayes impressions of Charles Laughton and Ronald Coleman as well.