Lyric discussion by kmwaterbury 

Cover art for School Friends lyrics by Now, Now Every Children

My read is that this song is about about secret crushes. The POV is a shy male who - as we often do - admires his crushes from afar, and doesn't initiate anything. He has daydreams and forms a close relationship to his crush without really interacting with her. Then he gets a new crush, but it's as though the old crush had these experiences with him.

My Interpretation