The Runaways actress, who graduated from high school in June, is currently attending New York University in New York City.
In a new interview with W Magazine, Fanning said that she did not want to regret not pursuing her education later in life.
"You hear people say, 'Oh when I was in high school' or 'When I was in college'. That defines a lot of who people are, and I didn't want to miss out on that," she explained.
However, Fanning added that she has had help in getting adjusted to the college experience, saying: "Because I'm only 17, my mum is staying with me in my apartment for a little bit. She's teaching me how to wash clothes and such. But I'm so excited to be on my own."
Dakota's younger sister Elle has said that she wants to follow in her older sibling's footsteps and attend college when she finishes high school.