I have spoken to Financial Aid Reps since I posted this. For anyone who cares for an explanation on the exact rule, a “term” is defined as 12 credit hours.
So classes that did not use up terms were classes that did not transfer to UM and developmental math courses that I took at community college. UM is taking 52 of my credits, which is worth 4.25 terms. After enrolling at UM, I’ll have 5.75 terms left to complete my degree; which is PLENTY. And worst case scenario, I can appeal for more terms. I now understand that this is indeed incredibly generous.
Thank you, everyone, for the responses!