Well, it's clear now that this is not going to be much more than a typical school manga. But it's an interesting and well-done one.
In this volume, two groups of people make some doujinshi, a play gets performed about one of the manga stories, a study group is formed, and a few things like that. We get some backstory on the teachers too.
As for an overall arc, I assume the main character's going to resolve some issues with his family by the end of the series. And maybe they'll become sophomores.