Hi Keri671,
You can hold onto an application for the next semester until you are ready to enroll into that semester. Keep in mind that there are guidelines for length of time for any student to be enrolled, and it would be specific to the program. If you are enrolled in an Associates Degree program, there are 4 semesters, in which you are allotted one year for each. The total number of years allowed are 5 years in some and 6 in others.
As long as you are not exceeding that, you are ok.
Hope this makes sense! Best of luck moving forward!