@AaronHOWARD2 Can you provide us a little more context for this question? Are you a K-12 instructor? Do your students utilize the same course space for multiple terms? Are enrollments for your course manually managed? Are you syncing your grades to an integrated application?
I just tried putting a student in two different sections in the same course (one for each term), assigning separate materials to each term, and then concluding one of the enrollments. The student was still able to see all of the Term 1 material in Term 2.
One option may be to not have Assignments, Pages, etc. open in the menu and to have students reach everything through Modules. You could then unpublish a module and have it act as an archive for the past term's materials.