UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 13G

(Rule 13d-102)

Information Statement Pursuant to Rules 13d-1 and 13d-2

Under the Securities Exchange Act of 1934

(Amendment No. 1)*

The Princeton Review, Inc.

(Name of Issuer)

Common Stock, par value $0.01 per share

(Title of Class of Securities)

742352107

(CUSIP Number)

December 31, 2011

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this schedule is filed:

¨  Rule 13d-1(b)

¨  Rule 13d-1(c)

x  Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

*Percentage is calculated using as the numerator, the total number of shares of Series D Preferred Stock held by the Reporting Person as converted to 7,698,833 shares of Common Stock, and as the denominator 55,509,754 shares of Common Stock Outstanding, plus the Series D Preferred Stock as Converted to 7,698,833 shares of Common Stock.

2

*Percentage is calculated using as the numerator, the total number of shares of Series D Preferred Stock held by the Reporting Person as converted to 6,178,243 shares of Common Stock, and as the denominator 55,509,754 shares of Common Stock Outstanding, plus the Series D Preferred Stock as Converted to 6,178,243 shares of Common Stock.

3

*Percentage is calculated using as the numerator, the total number of shares of Series D Preferred Stock held by the Reporting Person as converted to 1,088,285 shares of Common Stock, and as the denominator 55,509,754 shares of Common Stock Outstanding, plus the Series D Preferred Stock as Converted to 1,088,285 shares of Common Stock.

4

*Percentage is calculated using as the numerator, the total number of shares of Series D Preferred Stock held by the Reporting Person as converted to 20,462 shares of Common Stock, and as the denominator 55,509,754 shares of Common Stock Outstanding, plus the Series D Preferred Stock as Converted to 20,462 shares of Common Stock

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Item 1(a).    Name of Issuer

The name of the issuer to which this filing on Schedule 13G/A relates is The Princeton Review, Inc. (the “Company”).

Item 1(b).    Address of Issuer’s Principal Executive Offices

The principal executive offices of the Company are located at 111 Speen Street, Framingham, MA, 01701.

Item 2(a).    Name of Person Filing

This statement is being filed on behalf of the following (collectively, the “Reporting Persons”): (1) Bain Capital Venture Fund 2007, L.P., a Delaware limited partnership (“BCVF”), (2) BCVI-TPR Integral, L.P., a Delaware limited partnership (“TPR”), (3) BCIP Venture Associates, a Delaware general partnership (“BCIP”), and (4) BCIP Venture Associates B, a Delaware general partnership (“BCIP-B”).

Bain Capital Venture Partners 2007, L.P., a Delaware limited partnership (“BVP”), is the sole general partner of each of BCVF and TPR. Bain Capital Venture Investors, LLC, a Delaware limited liability company (“BCVI”), is the sole general partner of BVP. Mr. Michael A. Krupka is the sole managing member of BCVI.

Bain Capital Investors, LLC, a Delaware limited liability company (“BCI”), is the managing partner of each of BCIP and BCIP-B. BCVI is attorney-in-fact of BCI.

BCVF, TPR, BCIP, and BCIP-B have entered into a Joint Filing Agreement, dated February 14, 2012, pursuant to which BCVF, TPR, BCIP, and BCIP-B have agreed to file this statement jointly in accordance with the provisions of Rule 13d-1(k)(1) under the Securities Exchange Act of 1934.

Item 2(b).    Address of Principal Business Office or, if none, Residence

The principal business address of each of the Reporting Persons, BVP, BCVI and BCI is c/o Bain Capital, LLC, John Hancock Tower, 200 Clarendon Street, Boston, MA, 02116.

Item 2(c).    Citizenship

Each of the Reporting Persons, BVP, BCVI and BCI is organized under the laws of the State of Delaware. Mr. Krupka is a citizen of the United States.

Item 2(d).    Title of Class of Securities

The class of equity securities of the Company to which this filing on Schedule 13G/A relates is Common Stock, par value $0.01 per share (“Common Stock”).

Item 2(e).    CUSIP Number

The CUSIP number of the Company’s Common Stock is 742352107.

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This Schedule 13G/A is being filed on behalf of the Reporting Persons. The Reporting Persons may be deemed to beneficially own in the aggregate 14,985,824 shares of Common Stock of the Company, representing, in the aggregate, 21.26%* of the Company’s Common Stock. The percentage of Common Stock held by the Reporting Persons is based on 55,509,754 shares of Common Stock of the Company outstanding (the “Outstanding Shares”) as of November 9, 2011 based on the Company Form 10-Q for the period ended September 30, 2011.

*Percentage is calculated using as the numerator, the total number of shares of Series D Preferred Stock held by the Reporting Person as converted to 14,985,824 shares of Common Stock, and as the denominator 55,509,754 shares of Common Stock Outstanding, plus the Series D Preferred Stock as Converted to 14,985,824 shares of Common Stock

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As of the close of business on December 31, 2011, the following shares were owned by the Reporting Persons:

BCVF owned 7,698,833 shares of Common Stock of the Company, representing approximately 12.18%¹ of the Company’s Outstanding Shares. BCVF acts by and through its general partner, BVP. BVP acts by and through its general partner, BCVI. Mr. Krupka is the managing member of BCVI.

TPR owned 6,178,243 shares of Common Stock of the Company, representing approximately 10.02%² of the Company’s Outstanding Shares. TPR acts by and through its general partner BCVI.

BCIP owned 1,088,285 shares of Common Stock of the Company, representing approximately 1.92%³ of the Outstanding Shares. BCIP acts by and through its managing partner, BCI. BCVI is attorney-in-fact of BCI.

BCIP-B owned 20,462 shares of Common Stock of the Company, representing approximately 0.04%⁴ of the Outstanding Shares. BCIP-B acts by and through its managing partner, BCI. BCVI is attorney-in-fact of BCI.

No person other than the respective owner referred to herein of shares of Common Stock is known to have the right to receive or the power to direct the receipt of dividends from or the proceeds from the sale of such shares of Common Stock of the Company.

Item 4(b).    Percent of Class

See Item 4(a) hereof.

Item 4(c).    Number of shares as to which such person has:

1 Percentage is calculated using as the numerator, the total number of shares of Series D Preferred Stock held by the Reporting Person as converted to 7,698,833 shares of Common Stock, and as the denominator 55,509,754 shares of Common Stock Outstanding, plus the Series D Preferred Stock as Converted to 7,698,833 shares of Common Stock.

2 Percentage is calculated using as the numerator, the total number of shares of Series D Preferred Stock held by the Reporting Person as converted to 6,178,243 shares of Common Stock, and as the denominator 55,509,754 shares of Common Stock Outstanding, plus the Series D Preferred Stock as Converted to 6,178,243 shares of Common Stock.

3 Percentage is calculated using as the numerator, the total number of shares of Series D Preferred Stock held by the Reporting Person as converted to 1,088,285 shares of Common Stock, and as the denominator 55,509,754 shares of Common Stock Outstanding, plus the Series D Preferred Stock as Converted to 1,088,285 shares of Common Stock.

4 Percentage is calculated using as the numerator, the total number of shares of Series D Preferred Stock held by the Reporting Person as converted to 20,462 shares of Common Stock, and as the denominator 55,509,754 shares of Common Stock Outstanding, plus the Series D Preferred Stock as Converted to 20,462 shares of Common Stock

8

Not Applicable.

Not Applicable.

Not Applicable.

Not Applicable.

Not Applicable.

Not Applicable

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SIGNATURES

After reasonable inquiry and to the best of my knowledge and belief, the undersigned certifies that the information set forth in this Statement is true, complete and correct.

Dated: February 14, 2012

Exhibit A

Agreement Regarding the Joint Filing of Schedule 13G/A

The undersigned hereby agree as follows:

(i) Each of them is individually eligible to use the Schedule 13G/A to which this Exhibit is attached, and such Schedule 13G/A is filed on behalf of each of them; and

(ii) Each of them is responsible for the timely filing of such Schedule 13G/A and any amendments thereto, and for the completeness and accuracy of the information concerning such person contained therein; but none of them is responsible for the completeness or accuracy of the information concerning the other persons making the filing, unless such person knows or has reason to believe that such information is inaccurate.

Dated: February 14, 2012