Hi @ashley_hardesty,
Aside form the suggestion provided by @dbrace, I'm going to say that sort of field is much more suited to be included in your student information system (Banner, Peoplesoft, PowerSchool, etc) than Canvas. Even the course format box in Canvas has very limited options and doesn't usually align with school/institution terminology and can create confusion.
I know this probably isn't hat you wanted to hear. There is probably some custom development and corresponding CSS/Javascript that *could* do something like this, but I really don't think I'd advise that route for this specific thing.
-Chris