Yes to what Adam said. In addition, "set high standards" would not just apply to schools. You could set high standards for many things. Some use this reference in dating, such as "I have high standards". Which would mean someone is looking for someone that is maybe more educated, has a certain type of job, dresses a certain way, or treats someone with a certain level of respect or chivalry.

"set high standards" - this means that the school(s) in question will require students to perform better, and expect more from them than before. "standard of living" refers to the quality of life. This may include health, earnings and etc.

Thanks.

"set high standards" means "put high demanding on " or "hold high expectation " "our standard of living" means "life quality"