Banks is spending USD 31,000 a year to spend three weeks on the campus -- for three years.
"It's pretty exclusive. But it is worth it," she told CBS News. "In order for my company to grow and be the best, and to reach these women, and to serve them, I needed the best. So I went to the best."
Banks owns Bankable Productions, which produced "The Tyra Banks Show" and "America's Next Top Model" and the movie "The Clique".
The former Victoria's Secret's model says dropping out of the school at age 17 to pursue a career was the most difficult decision of her life.
"The day I put college on hold because I got discovered... was one of the most difficult decisions of my entire life," she said.