Some students are taking a psychology class called Horror 101; it's unclear what the class is about - it's right near finals and they're just touching on some phobias in a discussion, and mainly they seem to be dealing with serial killers. This is one of at least a few horror movies set around a horror-themed college course, After Midnight (1989) and Urban Legend (1998) being a couple others that come to mind.
The teacher (Bo Derek) is decidedly weird. She has a nice collection of horror-themed assemblage artwork by Susan Tibbles in her office (also seen during the opening credits). The teacher tells the nerdiest student, a would-be criminal profiler, about a serial killer who was freed on a technicality and has him do his final project on that. She gives a suggestion for a project to the surliest student (Justin Urich) also, but we don't hear what. Urich played a somewhat similar character in Serial Killing 101.
The night of finals, some of the people that should be there are missing. Most of the movie's running time seems to be spent on them looking for the missing people, while more of them disappear.
There are some things about the movie that are silly. This university has guard dogs, for some reason, and this keeps the students from leaving the building. One of them says about the dogs that he can lure them away from the others since "they can't be in more than one place at once!" Well, sure they can: THERE'S FOUR OF THEM! Ay-yi-yi.
There is a little suspense in the movie, since it's unclear if the disappearances are a part of someone's project, or if there really is a killer, and if there is a killer, then who. Although, everybody guessing who the killer might be, if there is one, would probably pick the same person.
The movie is available on DVD with Horror 102, and Museum of the Dead. Even if they're all just so-so, it's a good bargain.