Periods of time (usually about 4-6 months) that divide a school or academic year into sections.
From Latin 'semestris' meaning 'six months,' from 'sex' (six) + 'mensis' (month). German universities formalized the semester system in the 1800s, dividing the year into logical teaching periods, and American colleges adopted this system.
When you think about it, a semester is literally 'six months' in Latin, but schools changed it to be about 4-6 months depending on the country—it's one of those words where the original meaning doesn't quite match modern practice anymore, but we keep using it anyway!
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