In my current playthrough, my fellow students see me "as extremely exhibitionist, very promiscuous, and pretty studious." Not sure if those are the only three reputation characteristics or not at this time.
As far as reactions, they seem to be somewhat limited at this time. Some of my fellow students do call me a slut while others will comment that I never wear underwear while using a pencil to pull up my skirt.
Regarding my grades, so far only the Cheerleading coach has mentioned that she has heard that I'm doing well in my studies.