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A semester (from the Latin meaning six-monthly) has come to mean either of two academic terms, generally excluding the summer or January terms, if any, and so can be 12 to 20 weeks long. The word semester is sometimes used as a synonym for a term, as in a summer semester.
Spring and fall semesters are 16 weeks. They consist of 15 weeks of instruction and a week for finals. Summer sessions tend to vary a lot more from school to school. Individual colleges have a lot more freedom to set summer calendars. I'm on the quarter system, but this is what I have gathered through my research.