"I want to go to college and go back to Georgetown. It's a really cool place," the celebrity chef, 45, told PEOPLE on Saturday in Washington, D.C., after the White House Correspondents' Association Dinner with President Obama.
What would he study at Georgetown? "Anything," said Flay, who dropped out of high school in New York City in the early '80s to become a line cook. "I didn't go to college. I'm ready to start over."
Flay was in town to host the Capitol File afterparty on Saturday at the Renaissance Mayflower Hotel. But the real action happened before the press dinner, when Flay and his actress wife, Law & Order: SVU's Stephanie March, attended a private party, where President Obama accidentally stepped on March's dress.
"She has a long train for her dress. And he said, 'I really apologize for stepping on your train,' " Flay said. "My wife said, 'You're actually the first person to apologize for stepping on my dress all night.' He's obviously so incredibly charming. She's amazed. She started crying after she met him."
Kim Kardashian made an appearance at Flay's afterparty, and said she was impressed by the annual press dinner, at which Obama and Jay Leno both gave humorous speeches.
"I thought it was amazing," she told PEOPLE. "Obama's speech was hysterical. Jay Leno was hysterical. It was so much fun. I'm just excited to be here. I've been all over the place. It's good to just take it all in."