"Fully Accredited" is a misnomer, and I think the question has been answered already, but here is a quick overview of US accreditation. (Published in The Internal Auditor Magazine orignally)
The Importance of Accreditation
With thousands of colleges and universities offering degrees, it can be difficult to tell an accredited school from a questionable one. As a starting point, it is important to understand the basics of accreditation.
Accreditation is a review process performed by impartial experts who evaluate criteria reflecting the qualities of a sound educational institution or program. Accreditation should not be confused with an institution’s prestige, which is the public perception of quality.
In the United States, The Department of Education and the Council on Higher Education Accreditation (CHEA) oversee agencies that perform institutional or program reviews and confer accreditation (see “Accreditation Resources” on page xx). Accreditation can be conferred at the institutional or program-specific level and can be issued on a regional, professional, or national basis.
Regional institutional accreditation is an institution wide accreditation conferred by six regional accrediting organizations, based on the home state of the university. The agencies are made up of a consortium of member colleges. Regional accreditation is considered the “gold standard” in U.S. education and provide the highest level of assurance. .
Professional, or specialized, accreditation is conferred by professional organizations in program-specific areas such as nursing, nuclear medicine, and law. Graduation from a professionally accredited program may be required for licensure in a specific field. Therefore, a degree from a professionally accredited program at a regionally accredited university provides a high level of assurance to employers about a person’s qualifications. .
National institutional accreditation is a school wide accreditation conferred by organizations such as the Distance Education and Training Council (DETC) and the Accrediting Council for Independent Colleges and Schools (ACICS). Although DETC and ACICS are valid national accreditations, their acceptance is not as universal as regional institutional accreditation and may represent a small risk.
Online Adjunct Group
http://groups.yahoo.com/group/Online_Adjuncts/