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Last year of Shmita was 2007. Next year of Shmita begins in Sept. 2014. Fact two: Year of Jubilee happens in 50 year cycles, following the 7th year of Shmita. In Jubilee, all debts are supposed to be cancelled, all land is supposed to be returned to its original owner. Liberty is proclaimed throughout the land.
How the trimesters work. One academic year at MIT consists of three trimesters. Each trimester being equal to 12 weeks - the same as a traditional semester. If you use the 3 trimesters you will use more of the summer break. However, the Trimester system contains exactly the same content and work as using the three year time frame.