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Consequences if University loses its accreditation

Question: I was a student at NPU which was under ACICS accreditation. I graduated on April 24th, 2016 and I am now with Initial OPT. But As ACICS lost accreditation on December 12th, 2016 I was not longer eligible to apply for STEM OPT after December 12th, 2016.
But I would like to know that, “Am I eligible for H-1B in masters quota , as I graduated before the ACICS accreditation lost?” This may not be my question only, but thousands of students have same questions. Could you please clarify on this. We are eligible for H-1B in General quota but if we are eligible in master’s quota, the chances are more than general.
Answer: Most SEVP certified schools are not required to obtain accreditation and can provide evidence in lieu of accreditation. However, there are two instances when SEVP – certified schools must be accredited: English as a Second Language (ESL) programs are required to be accredited under the Accreditation of English Language Training Programs Act and F-1 students applying for a 24 month science, technology, engineering and mathematics (STEM) optional practical training (OPT) extension must use a degree from an accredited, SEVP certified school, as the basis of their STEM OPT extension. The school must be accredited at the time the student applies. A loss of the accrediting agency credentials should not impact your degree, in the attorney’s opinion and should be eligible to file under the US Master CAP as you have a Master’s degree. However, this answer is different if the University has lost its accreditation.