Banks had enrolled at Harvard last year after dropping out of college at age 17 to pursue her modeling career.
“In order for my company to grow and be the best, and to reach these women, and to serve them, I needed the best,” the Bankable Productions CEO told CBS News in 2011. “So I went to the best.”
Banks, now 38, admitted that her decision to pursue higher education was met with skepticism at first. “When people have low expectations, you’re just constantly going, ‘Ta-da!’ And they’re like ‘Wow!’” she said. “It doesn’t take a lot to wow them.”