A term originating from Northeastern University (a school known for co-ops) which depicts a student who is scheduled to go out on co-op with a company, but has not yet found a job.
Since a student is on no-op, then he/she has the ability to do whatever they want, such as sleeping in til noon, playing video games, etc. It's like funemployment, only for college students, and not recieving any money.
Chris: Jim, have you found a co-op job yet?
Jim: No, I'm still on no-op
A 'No Option', is a term used to describe the action of a man (typically) going in for a pull (kiss) without the unspoken agreement of the other person (typically a women) – often ends in a slap, punch (from the annoyed boyfriend) or a pull. The term is infamous & frequently used among the UK's University Ski Clubs such as the MMUFS and SKUM.
When a group of lads are out on the pull, typically one will be smashed – walk up to a hot bird who they'd had some kind of brief communication with maybe an acquaintance and try and pull a No Option on them regardless of the situation or status of that person (ie with the boyfriend / married maybe).