So, getting to the short and sweet of it. I’ve had a rough GPA at my current university, and after my Spring 2016 semester, I took a semester off - Fall 2016. I started back again Spring 2017 and while my grades are okay, my account with the school has been adjusted as they figure out how much I owe them. While this occurred, I requested several transcripts in anticipation that I may have issues. Semester is now ending and it looks like they have finally come to a consensus as to how much I owe them. The likelihood of me paying it off soon is slim, so I am considering enrolling into a community college with the transcript I currently have (no, it does not reflect grades from the Spring 2017 semester, of course). Is this possible?
Nope. You will need to have a transcript that includes your final grades for this semester.
And, frankly, if you owe your university a bunch of money, why are you thinking about spending more tuition money at that CC instead of knocking down your debt? Get rif of the debt first, then go back to school.
And colleges require that the transcripts be send DIRECTLY from the previous college so as to avoid students tricking the system, which is what you are trying to do.