Keep in mind that when Gordon Gano (the writer and singer of the Femmes) wrote the songs on the first album, he was either still in high school or just finishing, at the ripe age of 18. On one of the albums, he actually says he wrote this song for some girl (he gave her name, it was Stacy something I think). The song is pretty straight-forward. It's about a guy who loved a girl in high school, but either she graduated or he graduated, which means he doesn't see her anymore. Or, it could be about a guy who considers his high school love the one that got away.
In respsone to Goukuh:
Keep in mind that when Gordon Gano (the writer and singer of the Femmes) wrote the songs on the first album, he was either still in high school or just finishing, at the ripe age of 18. On one of the albums, he actually says he wrote this song for some girl (he gave her name, it was Stacy something I think). The song is pretty straight-forward. It's about a guy who loved a girl in high school, but either she graduated or he graduated, which means he doesn't see her anymore. Or, it could be about a guy who considers his high school love the one that got away.