This was an American movie I'm pretty sure made in the either late 80s or early 90s. I don't think the movie had any famous actors. The plot involves a kid bullied at school I think. Somehow, either through being chased or avoiding his usual trek home he happens upon a hole with a bunch of monsters under the ground. I think he thinks of them as his friends and decides to help them by feeding them. I think at first he feeds them fruit or something, but they hate it. So he feeds them meat. At one point some of the bullies chase him and they fall into the hole. The monsters eat them I think. From this he starts feeding them people he hates.
At the same time this is going on he has a crush on his teacher. He finds out her boyfriend or husband is abusive. He then tries to lure the guy to the hole which I think works. But somehow the teacher is also lured into the hole, I think by them imitating the young boy's voice, but this may be incorrect. They eat her, to which then the boy becomes angered with them, which in turn he says they need to fend for themselves and let them out. I don't remember what happens afterwards. I think when you see the monsters, all you see is the glowing eyes.