Factual error: When the new candidates report in to Rescue Swimmer School, one of the airmen is wearing the Silver Star ribbon. The person is too young to have served in another service, and there are no other service's ribbons worn - and the Coast Guard hasn't issued a Silver Star since Vietnam.
Continuity mistake: When Fischer was quickly getting his clothes on to get to base after he spent the first night with his girlfriend, he put a shirt on, and then in the next shot he didn't have a shirt on and he put the same shirt on again.
Factual error: It is mentioned that Ashton Kutcher's character was offered swimming scholarships by all the Ivies. Not only do Ivy League schools not give athletic scholarships, but seeing as Kutcher's character hasn't swum competitively since he was a sophomore, it is highly unlikely they would have recruited him at all.