Certainly I don't take anything she says at face value, but everything I've read about her education has been so weaselly that it makes me think there is something more than just a failure to finish college. To give an example, her ego page says "By 26, she left DC disgusted — and decided to finish her undergraduate degree at the University of Mississippi". It doesn't say that she actually finished it, or that she finished it at U of M, just that she decided to.
She certainly isn't shy about admitting to dropping out of college the first time, and I think she would be plenty willing to spin the second dropout into a story of entrepreneurial gung ho, but she doesn't. The fact that she clearly states she has the journalism degree and worked in that field after graduating points to something like that actually happening. There is just no point in mentioning it otherwise, even as a fictional backdrop. There are so many better lies to tell.
Of course, I could be wrong, and she made that lie back when she had dreams of being the next Barbara Walters, and is now stuck with it. My guess though is that she has some easy degree from a shameful school, like something you would see on late night infomercials.
