It's possible, but they need to know and get it approved before next semester if you're saying they're an AS200 since it has to be approved before POC entry (AS300 year). It'll have to be approved by AFROTC HQ and that'll take a while, so start working on it and let Cadre know ASAP (like tomorrow). Here are the regs straight from AFROTCI 36-2011 Vol 3 (google it if you want more info)
4.9.3. Funding Graduate Courses. Scholarship funding ceases upon completion of an undergraduate degree regardless of the original award length. Use of scholarship funds towards graduate courses is authorized by exception only, when funding is available. Requires AFROTC/CC approval no earlier than POC entry. If approved, only remaining entitlements from the original scholarship award will be authorized for use towards graduate courses.
4.9.3.1. Approved graduate funding may be applied only to courses taken at the cadet's detachment host institution or one of its affiliated crosstown institutions.
4.9.3.2. Graduate funding will not be authorized for cadets that choose to consolidate a four- or five-year program to complete all undergraduate requirements early.
4.9.3.3. Funding requests must submitted via Cadet Personnel Action Request (CPAR) to AFROTC/RRU at
afrotc.rrue.icsp@us.af.mil and must be received NLT 31 Aug of the academic year in which the cadet will complete their undergraduate work, but no earlier than enrollment in the POC. Requests should include any supporting documentation as applicable to help evaluate merit for approval. Late requests will not be processed and will be automatically disapproved.
4.9.3.4. Scholarship cadets who are not having their graduate courses funded may be eligible to receive the housing conversion.
Also, someone else had mentioned 2 bachelor's degrees, but be careful as it's not allowed and I don't want anyone to accidentally have to pay back a scholarship.
4.9.4. Funding Additional Degree Courses. AFROTC will not extend scholarship entitlements for courses taken after first undergraduate degree is completed. In the case of cadets who have completed their first undergraduate degree but have not completed all AS academic requirements, scholarship entitlements will cover only AS academic requirements.