This isn't the first time Anthony Michael Hall and Ally Sheedy have played characters that went to high school together - their first appearance together was in The Breakfast Club (1985). Another Breakfast Club alum appearing is John Kapelos (Carl the Janitor).
The celebratory party takes place in the school library. Anthony Michael Hall and Ally Sheedy were on detention in the school library in The Breakfast Club (1985) (1985).
While Johnny (Anthony Michael Hall) and Kate (Ally Sheedy) are walked down the hall and she reveals that she had a crush on him in high school, he disagrees, saying that he was a "skinny little nerd" and that she was into the "head-banging guys" in those days. In The Breakfast Club (1985) she played a head-banger, he played a skinny nerd.
Yet another connection to The Breakfast Club (1985): Emilio Estevez's father Martin Sheen appeared in the original film The Dead Zone (1983)