Looks like you filmed in 24p? Not using copyrighted logos would be a good start.
The initial scenes look a little bland. Not a whole lot of production value. The most distracting is the shaky camera. A tripod is a VERY worthy investment. If you absolutely have to use handheld, maybe consider picking up a Spiderbrace for the XL2 (www.spiderbrace.com)
A common mistake is having a score throughout the whole movie. It isn't absolutely necessary, but if you do...have it rise and fall with the flow of the movie.
I'm not the biggest fan of color correction, but I think this needed some just to add to it as the colors seemed a bit bland.
Lighting needed work to add "mood" and maybe consider shortening it. It was a touchy subject to add a comedic twist to and was interesting, just...a little boring to be honest.
Oh and another point - if you plan on submitting this to schools as your application film, you may want to consider taking out the bare butt and "imply nudity", even if minimal.
Personally, if you still have time, I'd work on another film to enter.
Just my thoughts,
Kegan