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We know that time works differently in Pleasantville, as it only took an hour for the story to unfold in "real life". At the end of the film, when David returns, we hear the TV announcer say "And that concludes the first hour of our Pleasantville marathon".
In the DVD commentary the director, Gary Ross, explains that a Pleasantville episode lasts for 30 minutes, but that each episode's storyline takes place over about a week. So if Jennifer spends three years in college, it will only equate to a long weekend in our time. Given that Jennifer was both popular and self-absorbed at the start of the film, it may not be out of character for her to disappear for a weekend. Edit
While it is true, that fictional certifications wouldn't fly in the real world that's not what college is all for. College, much like school before it, is meant to expand your mind and teach you things that you can apply in the real world. In Jennifer's case, she spent her high school life in a life of popularity and promiscuity. The latter of which she started to grow tired of. She initially believed that sex was what was causing the people in Pleasantville from going black and white to technicolor, until she noticed she was still black and white. When she started going out of what her usual character traits were and started to learn new things, such as reading and studying, and realized it gave her a joy and passion that is an alternative to her previous lifestyle, that was when she went color. Once hooked, she wanted to change her life for the better. While she may not get any qualifications outside the Pleasantville universe, the knowledge she gained for years in the show and who knows how many hours in the real world, could make her into some kind of Scholar or Super Genius. Edit