Complex sentence: May Term is also known as Play Term by the students of Illinois Wesleyan as there is more time to lounge on the quad, get off campus, and spend time with friends.
Split into simpler sentences: May Term is also sometimes referred to as "Play Term" by the students of Illinois Wesleyan. "Play" simply refers to the fact that there is more time to lounge on the quad, get off campus, and spend time with friends.