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prep (n.)

1862, short for preparation. Prep school attested from 1895, short for preparatory school. First record of prep in the sense "student or graduate of a preparatory school" is from 1899 (also see preppie).

prep (v.)

slang shortening of prepare, 1908. Related: Prepped; prepping.

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Definitions of prep from WordNet

prep (n.)
preparatory school work done outside school (especially at home);
Synonyms: homework / preparation
From wordnet.princeton.edu