What's the difference between "term" and "semester" ?
They mean the same, but it seems that "semester" is used in US English, and "term" in Brit. English.
Semester literally means 6 months. Schools that have semesters usually have 2 regular sessions per year.

Term means length of time. It can refer to any block of time during the school year.

My school had quarters, 3 regular 10 week sessions, and a 12 week summer (off) session. Either the quarters at my school, or the semesters at a different school can be called terms.

Term isn't used as often in AmE as semester or quarter, but we use the term (sorry, can't think of a synonym) "Mid-term" to mean a middle of the course test.
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also there are usually three terms and two semesters or three semesters with the choice to take the third one off 9summer break)