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If they become accredited say a year or two after I graduate will I then be able to apply to law or graduate school and declare my degree was from an accredited school?
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Technically no, because regional accreditation is generally not retroactive. In this case, your degree would still not be regionally accredited, even though the school itself subsequently became regionally accredited.
However, it is likely that law or graduate schools would be less concerned about the lack of regional accreditation in this case. In other words, they would be more likely to make an exception for an unaccredited degree, if the degree was from a school that subsequently became accredited.
It appears that TKC has been a a candidate for regional accreditation since 2007. The candidacy phase normally lasts for no more than 5 years, so there should be a decision by 2012.