1862, short for preparation. Prep school is attested from 1895, short for preparatory school. First record of prep in the college slang sense "student or graduate of a preparatory school, student taking a preparatory course of study" is by 1899 (also see preppie).
prep (v.)
slang shortening of prepare, 1908. Related: Prepped; prepping.
preoccupy
pre-op
pre-ordain
pre-order
pre-owned
prep
pre-packaged
preparation
preparative
preparatory
prepare