You can do everything in one loop
how_many = int(input("How many terms are in the equation?"))
terms = {}
for i in range(how_many):
var = int(input("Enter the coefficient for variable"))
terms["T{}".format(i)] = var
And later you can use
print( terms['T0'] )
But it is probably better to a use list rather than a dictionary
how_many = int(input("How many terms are in the equation?"))
terms = [] # empty list
for i in range(how_many):
var = int(input("Enter the coefficient for variable"))
terms.append(var)
And later you can use
print( terms[0] )
or even (to get first three terms)
print( terms[0:3] )