There are additional requirements. The "earned a 2-year degree" wipes out all the limiting factors and other hoops to jump through. The core of it is that the NCAA does not allow a brief trip to JuCo to allow anyone to skip out on the GPA/SAT requirements coming out of high school.
There would be risks with trying to go JuCo, instead of prepping, if the intent is only to go for one semester. If you try to pull a JuCo one (semester) and done, you have to pull a 2.5 GPA in at least 12 TRANSFERABLE credit hours (not including PE), so it's a risky path to take if you do not know which 4-year university you will be attending yet. If you fail on any criterion, you have to sit out the one year. Also, that move from JuCo to 4-year school would count as your "one free transfer", while a person with a 2-year degree is not transferring in the same way. That would be more like a grad-transfer.
I realize that this might seem like a difference without a distinction, but I think that there are valid considerations why nobody goes to JuCo over prep school just to get out of an LOI. One reason, specifically, is that prep school doesn't start the eligibility clock, while JuCo does.
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