If you look at the webpage, it says "If you attend a school that isn’t accredited, you might not be able to get any financial aid. The U.S. Department of Education requires that schools participating in our federal student aid programs be accredited. Also, your
state education agency’s aid programs may not offer financial aid at unaccredited schools."
The accreditation the site is referring to is Regional accreditation, which for schools in California is WASC accreditation. Cal Northstate had WASC accreditation, they just didn't have Full pharmacy accreditation, which is ACPE accreditation. No new pharmacy school can get Full Accreditation until they graduate their first class. Cal Northstate did have pre-candidate ACPE accreditation when they started, since you can't have students start taking classes until you get pre-candidate status.
As for your statement "Students attending new schools are eligible for federal student loans if they are attending accredited institutions." If you are referring to ACPE Accreditation, as I just mentioned, no new schools get Fully accredited by ACPE until they graduate their first class. And all new schools need to get regional accreditation before they can get pre-candidate level ACPE accreditation. But if you are saying that all students who attend regionally accredited schools are eligible for federal student loans, that is still not correct since Cal Northstate had regional accreditation when they started. They needed the regional accreditation in order to get pre-candidate status.
As for the issue of new pharmacy schools; there are existing Universities that start a new pharmacy school, like Chapman, West Coast, Western, KGI, etc. That is different from Cal Northstate, because Cal Northstate didn't exist until they opened the pharmacy school. There were no other programs that were in existence. There was no previous track record between the university and the government.
But I can see how you were misled by the statement on the website. The accreditation process is extremely complex.
This is the link for each school and the level of ACPE Accreditation they have.
https://www.acpe-accredit.org/shared_info/programsSecure.asp?sortby=state#CA
Here is the link that shows all of the various accreditation stages Cal Northstate has gone through, and when.
https://www.acpe-accredit.org/shared_info/accredHistory.asp?degreeid=35&entity=460