Eureka! I pulled my hair out for 2 days trying to get this to work. Enlightenment came from this SO Question. Simply stated, you probably installed psycopg2 x64 version like I did, not realizing your python version was 32-bit. Unistall your current psycopg2, then:
Download: psycopg2-2.6.1.win32-py3.4-pg9.4.4-release.exe from HERE, then run the following in a Terminal:
C:\path\to\project> easy_install /path/to/psycopg2-2.6.1.win32-py3.4-pg9.4.4-release.exe
C:\path\to\project> python manage.py makemigrations
C:\path\to\project> python manage.py migrate
You may also need to (re)create super user with:
C:\path\to\project> python manage.py createsuperuser