Idiot's Guide to UMPI assignments

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I’m preparing to pursue a Psychology bachelor’s at UMPI.  Right now, I’m working on the last bit of English Composition I through Sophia.  I can generally write, but I’m still ironing out an efficient process for the specifics of writing college papers.  I have questions about the timing of UMPI YourPace terms, classes, and assignments. 

Let’s say you sign up for 2 classes in a term and finish them, do you wait until the next term to sign up for 2 more?

I understand a term is 8 weeks, you go through the material, take tests, then you have research papers and powerpoints where you turn in drafts, get feedback, then submit your final draft.
How does the timing/deadlines of these assignments work?
Are there specific deadlines, or do you just need to finish everything by the end of the term?
What happens if you don’t?