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I am guessing that you are a teacher. Well, me being myself a student at school in year 7, then I would say that it is usually a good thing. If the student in question says it in a really happy way that is good, but if it is said in a sarcastic way, then that is pretty bad. If it is said sarcastically, that would mean that it is meant as a joke and you are not 'cool'. 'Cool' means, in this contex is a compliment. Also another word they might use is 'sick' meaning the same thing.

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15y ago

What else can I help you with?