It's a reply to when someone ask you "how is school" and it means its the same as every other day
"How is school today?"
"it's pretty schooly dude, kinda the same"
fay is when you are having e sex with people and then you just cum very hard, this is especially when you want to have esex with the same gender but without it being homo.
Martin: Yo bro you wanna fay?
Jaden: Down, i think we should fay