I don't think she could have been dropping as many classes as you're saying she did. At the college I attended in NC if you waited until the middle of the semester,you were limited to dropping only 5 courses for your entire college career. Now if it was the first week or so of the semester you could change your schedule all you wanted.
I still believe she is working on a Bachelors. On her Instagram she is pictured in numerous Tennesee Volunteers (Univeristy of TN) clothing and memoriabilia. Yes it's entirely plausible that she and her boyfriend are just fans, but why would she not go there? We all know she can afford it. She was wearing a Volunteers shirt a couple episodes back as well. Most if not all university do not offer associates. As concerned as she is with class and being better than others, I don't think she would settle for community college when there's a great university to go to that she is already a fan of.
And yes it is absolutely ridiculous and unbelievable that under her circumstances it would take her 6+ years to complete an associates. That's why I believe it's a Bachelors.