Toy soldiers

"Billy Tepper is the leader of a group of rebellious guys at The Regis School. He has already been expelled from three prominent private schools. His best friend, Joey Trotta, is the son of the Head of the New York Mafia; Billy, all their friends and many other kids at the school have equally influential and prominent, if more law-abiding, parents. When Luis Cali's father is put in jail, he heads for the Regis school to put the son of the judge in charge of the case under hostage, only to find he has been removed. However, once he realises who the parents of the rest are, he decides the entire student body of the Regis school would be an even better bargaining chip."
"When an exclusive boarding school is taken hostage by South American terrorists, the rebellious students risk their lives in a desperate, deadly campaign to stop them."@en
"Prep-school pranksters Billy (Astin), Joey (Wheaton) and Snuffy (Coogan) are used to defying authority - they've been kicked out of plenty of exclusive private schools. But when their current campus is taken hostage by a group of brutal drug traffickers, years of bad behavior are about to pay off. Unwilling to bow to the terrorists, these 'toy soldiers' will risk their lives with a daring plan to stop them and save their classmates."