diff --git a/enterprise_access/apps/subsidy_access_policy/constants.py b/enterprise_access/apps/subsidy_access_policy/constants.py
index 63587311..b4819891 100644
--- a/enterprise_access/apps/subsidy_access_policy/constants.py
+++ b/enterprise_access/apps/subsidy_access_policy/constants.py
@@ -113,6 +113,8 @@ class MissingSubsidyAccessReasonUserMessages:
 REASON_LEARNER_NOT_ASSIGNED_CONTENT = "reason_learner_not_assigned_content"
 REASON_LEARNER_ASSIGNMENT_CANCELLED = "reason_learner_assignment_cancelled"
 REASON_LEARNER_ASSIGNMENT_FAILED = "reason_learner_assignment_failed"
+REASON_LEARNER_ASSIGNMENT_EXPIRED = "reason_learner_assignment_expired"
+REASON_LEARNER_ASSIGNMENT_REVERSED = "reason_learner_assignment_reversed"
 
 # Redeem metadata keyword that
 # forces enrollment to take place, regardless of course state.
diff --git a/enterprise_access/apps/subsidy_access_policy/models.py b/enterprise_access/apps/subsidy_access_policy/models.py
index 4ee8bfea..1f25a99f 100644
--- a/enterprise_access/apps/subsidy_access_policy/models.py
+++ b/enterprise_access/apps/subsidy_access_policy/models.py
@@ -29,7 +29,9 @@
     FORCE_ENROLLMENT_KEYWORD,
     REASON_CONTENT_NOT_IN_CATALOG,
     REASON_LEARNER_ASSIGNMENT_CANCELLED,
+    REASON_LEARNER_ASSIGNMENT_EXPIRED,
     REASON_LEARNER_ASSIGNMENT_FAILED,
+    REASON_LEARNER_ASSIGNMENT_REVERSED,
     REASON_LEARNER_MAX_ENROLLMENTS_REACHED,
     REASON_LEARNER_MAX_SPEND_REACHED,
     REASON_LEARNER_NOT_ASSIGNED_CONTENT,
@@ -1338,29 +1340,22 @@ def can_redeem(self, lms_user_id, content_key, skip_customer_user_check=False):
             return (False, reason, existing_redemptions)
         # Now that the default checks are complete, proceed with the custom checks for this assignment policy type.
         found_assignment = self.get_assignment(lms_user_id, content_key)
-        if not found_assignment:
-            self._log_redeemability(
-                False, REASON_LEARNER_NOT_ASSIGNED_CONTENT, lms_user_id, content_key, extra=existing_redemptions,
-            )
-            return (False, REASON_LEARNER_NOT_ASSIGNED_CONTENT, existing_redemptions)
-        elif found_assignment.state == LearnerContentAssignmentStateChoices.CANCELLED:
-            self._log_redeemability(
-                False, REASON_LEARNER_ASSIGNMENT_CANCELLED, lms_user_id, content_key, extra=existing_redemptions,
-            )
-            return (False, REASON_LEARNER_ASSIGNMENT_CANCELLED, existing_redemptions)
-        elif found_assignment.state == LearnerContentAssignmentStateChoices.ERRORED:
-            self._log_redeemability(
-                False, REASON_LEARNER_ASSIGNMENT_FAILED, lms_user_id, content_key, extra=existing_redemptions,
-            )
-            return (False, REASON_LEARNER_ASSIGNMENT_FAILED, existing_redemptions)
-        elif found_assignment.state == LearnerContentAssignmentStateChoices.ACCEPTED:
+        failure_reason_for_state = {
+            None: REASON_LEARNER_NOT_ASSIGNED_CONTENT,
+            LearnerContentAssignmentStateChoices.CANCELLED: REASON_LEARNER_ASSIGNMENT_CANCELLED,
+            LearnerContentAssignmentStateChoices.ERRORED: REASON_LEARNER_ASSIGNMENT_FAILED,
+            LearnerContentAssignmentStateChoices.EXPIRED: REASON_LEARNER_ASSIGNMENT_EXPIRED,
+            LearnerContentAssignmentStateChoices.REVERSED: REASON_LEARNER_ASSIGNMENT_REVERSED,
             # This should never happen.  Even if the frontend had a bug that called the redemption endpoint for already
             # redeemed content, we already check for existing redemptions at the beginning of this function and fail
             # fast.  Reaching this block would be extremely weird.
-            self._log_redeemability(
-                False, REASON_LEARNER_NOT_ASSIGNED_CONTENT, lms_user_id, content_key, extra=existing_redemptions,
-            )
-            return (False, REASON_LEARNER_NOT_ASSIGNED_CONTENT, existing_redemptions)
+            LearnerContentAssignmentStateChoices.ACCEPTED: REASON_LEARNER_NOT_ASSIGNED_CONTENT,
+        }
+        if not found_assignment or found_assignment.state != LearnerContentAssignmentStateChoices.ALLOCATED:
+            found_assignment_state = getattr(found_assignment, "state", None)
+            failure_reason = failure_reason_for_state.get(found_assignment_state, REASON_LEARNER_NOT_ASSIGNED_CONTENT)
+            self._log_redeemability(False, failure_reason, lms_user_id, content_key, extra=existing_redemptions)
+            return (False, failure_reason, existing_redemptions)
 
         # Learner can redeem the subsidy access policy
         self._log_redeemability(True, None, lms_user_id, content_key)
diff --git a/enterprise_access/apps/subsidy_access_policy/tests/test_models.py b/enterprise_access/apps/subsidy_access_policy/tests/test_models.py
index 1a5ff20b..88bde335 100644
--- a/enterprise_access/apps/subsidy_access_policy/tests/test_models.py
+++ b/enterprise_access/apps/subsidy_access_policy/tests/test_models.py
@@ -22,7 +22,9 @@
 from enterprise_access.apps.subsidy_access_policy.constants import (
     REASON_CONTENT_NOT_IN_CATALOG,
     REASON_LEARNER_ASSIGNMENT_CANCELLED,
+    REASON_LEARNER_ASSIGNMENT_EXPIRED,
     REASON_LEARNER_ASSIGNMENT_FAILED,
+    REASON_LEARNER_ASSIGNMENT_REVERSED,
     REASON_LEARNER_MAX_ENROLLMENTS_REACHED,
     REASON_LEARNER_MAX_SPEND_REACHED,
     REASON_LEARNER_NOT_ASSIGNED_CONTENT,
@@ -978,6 +980,16 @@ def test_save(self):
             'assignment_state': LearnerContentAssignmentStateChoices.ERRORED,
             'expected_policy_can_redeem': (False, REASON_LEARNER_ASSIGNMENT_FAILED, []),
         },
+        # Sad path, assignment has state='expired'.
+        {
+            'assignment_state': LearnerContentAssignmentStateChoices.EXPIRED,
+            'expected_policy_can_redeem': (False, REASON_LEARNER_ASSIGNMENT_EXPIRED, []),
+        },
+        # Sad path, assignment has state='reversed'.
+        {
+            'assignment_state': LearnerContentAssignmentStateChoices.REVERSED,
+            'expected_policy_can_redeem': (False, REASON_LEARNER_ASSIGNMENT_REVERSED, []),
+        },
     )
     @ddt.unpack
     def test_can_redeem(