According to Wikipedia:
Palin attended Hawaii Pacific University in the fall of 1982 and North Idaho College in the spring and fall of 1983.[36] In June 2008, the Alumni Association of North Idaho College gave her its Distinguished Alumni Achievement Award.[37] She attended the University of Idaho in the fall of 1984 and spring of 1985, and attended Matanuska-Susitna College in the fall of 1985. Palin returned to the University of Idaho in the spring of 1986, receiving her bachelor's degree in communications with an emphasis in journalism in 1987.
She doesn't have a degree in PoliSci, much less a masters.
As far as mistaking North and South Korea, this is very similar to 'refudiate'. She could've squashed it easily by simply acknowledging that she made an error. In fact, after she was critizied over 'refudiate' she could've acknowledged that she made a mistake while insulting her critics and I wouldn't have thought less of her. But Caribou Barbie is never, ever wrong. That's why, instead of saying 'wow, you caught someone misspelling a word on the internet, great job detective!' she proceeded to compare herself to Shakespeare.
During that interview, she could've easily said 'I said North? I meant South' and that would've been that. But no, she dives headfirst into her error as though it wasn't one and you're a dope for thinking that it was.
A lot of people love Sarah Palin because she drives liberals crazy. The reason she drives us crazy is because you will never, ever get an honest, thoughtful, intelligent debate out of her. That's why people like Mike Huckabee, Ron Paul, and Condoleeza Rice DON'T drive us crazy. This is also why she's never on a panel or debates with anything that's even remotely liberalish on Fox.