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The term, which is rarely in use these days, refers specifically to a female student at a co-educational institution such as a college or university with both male and female students.
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"Female students, as early women cheerleaders, with their male cohorts at UW Madison, c. 1956, February 10, 2004" by uwdigitalcollections is licensed under CC BY.
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References
Merriam-Webster Online
2015 Coed. http://www.learnersdictionary.com/definition/coed, accessed March 2, 2015.