Within the social sciences, the term equity has a helpful and precise meaning -- referring to a differentiated response to an individual's distinct needs or circumstances. However, since the 2000s 'equity' has been recontextualised within national and international education policymaking as a generic term. This recontextualisation has led to 'equity' being used uncritically to refer to a range of related, and sometimes contradictory, concepts. This article draws on the literature to identify five framings of 'educational equity' within recent policy. It suggests that only one of these -- which emphasises responsiveness to individual needs or characteristics -- has clear conceptual alignment with the core principle of equity. The others either relate more strongly to the principle of equality or emphasise the tracking and measurement of outcomes. This article highlights the need for conceptual clarity to ensure the principle of equity is a helpful one in informing research, policy, and practice.