We have a man who is a foreign exchange student. He expressed interest in becoming Catholic at Christmas but will not receive his sacraments until the summer. Can he be part the Rite of Election?

No. You will need permission from the Archbishop to use the ritual provided in the RCIA for Christian Initiation in Exceptional Circumstances.  (See RCIA #331-339 for a full explanation of this ritual)  You will notice in the explanation the importance of including some of the rites from the full rite.  The Rite of Christian Initiation of Adults is a liturgical rite with opportunity for the candidate to experience the work of the Spirit calling him to conversion and the prayer of the community.  I am sure that the classes you will provide will give him a catechetical background.  A wise incorporation of some of the rituals from the full rite should provide spiritual grounding.  I am thinking particularly about the prayers in the ritual of signing the senses in the Rite of Acceptance into the Catechumenate; the dismissal session after the homily every Sunday which gives the catechumen the opportunity to reflect on how God is calling him to conversion; and the celebration of the Scrutinies from the period of Purification and Enlightenment.