I graduated from University May 20, 2016. I was a full time student until then. Do I still qualify as a full-time student? If I count all of the month of May it would be 5 months

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Yes, you would count as a full-time student since you had that status for any part of 5 months.

Even though the question asks if I have been a full-time student for AT LEAST 5 months?

Yes. Jan 15 to May 1 would be OK

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