A statement of good standing is generally a letter from your current institution indicating that you are not on any form of academic probation and do not have any past due accounts with your current school. Your college's registrar's office (likely) or student affairs office will know exactly what is needed and send one out on your behalf.
True. If your college has an online portal, there may be an area (usually where transcripts requests are) where you can request this. The wording may also be included on a transcript.
mmcnell is right. It's a statement that you're in good standing with the college - academically and financially, etc.
