I find no fault with the second sentence as it has been presented, either with regard to the phrase "the 2014-2015 academic year" or with starting the sentence with And. It is perfectly well-formed and idiomatic.
But there is a problem with the first sentence:
Though normally completed in one year on a full-time basis, allowances are made to extend that to 24 months to assist students who may need to juggle various other commitments.
The problem is the dangling participle. The writer presumably means that the course is normally completed in one year, but the way they have constructed the sentence implies that allowances are normally completed in that time.
To make it less awkward, I would simplify it as follows:
Though the course is normally completed in one year on a full-time basis, if necessary it can be extended to 24 months in order to assist students who have to juggle their commitments.