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Adolescents’ perceptions of the prejudice in their social environments can factor into their developmental outcomes. The degree to which others in the environment perceive such prejudice—regardless of adolescents’ own perceptions— also matters by shedding light on the contextual climate in which adolescents spend their daily lives. Drawing on the National Longitudinal Study of Adolescent Health, this study revealed that school-wide perceptions of peer prejudice, which tap into the interpersonal climate of schools, appeared to be particularly risky for adolescents’ academic achievement. In contrast, adolescents’ own perceptions of peer prejudice at schools were associated with their feelings of alienation in school. Importantly, these patterns did not vary substantially by several markers of vulnerability to social stigmatization.