I have been trying to remember the name of a movie that I think came out in the 80's?

The plot-line of the movie is as follows: A young man, who is an aspiring artist & is quite talented – but his father wants him to go to college. The young man is not convinced that college will help him to advance as an artist. The young artist has a girl-friend (she has short dark hair) whom he considers to be a ‘friend’ because he is not aware that she is in love with him. His ‘love interest’ is a blond girl that he thinks does not realize her value & he thinks that she is (basically) throwing herself away on a worthless rich student. The young man who is the artist, has created a painting of the blonde girl. He uses the money that he has saved for college to buy a pair of diamond earrings for the blonde girl & he manages to get her to go out with him. The dark haired girl who is in love with the artist, agrees to chauffeur them. Then saves him & the blonde girl by having her Biker friends show up at the party. The artist makes the blonde girl realize that she is throwing herself away & makes the blonde girl realize her self-worth. She then gives the diamond earrings back to him. And he ends up at the end of the movie in love with the girl with the short, dark hair, who has always been there for him & he gives her the diamond earrings. Can any of my fellow Flutherites give me the name of this movie??