A new med school goes through 3 phases to get to full accreditation from the accrediting body LCME:
1. Preliminary Accreditation - usually covers from when they start taking applications to the end of the second year.
Another site visit will be done by LCME to judge its progress as a new school. If all is going as it should and there are no major corrections needed, they will advance to:
2. Provisional Accreditation: this phase is variable and if all is going smoothly will culminate at the time a med school graduates its first class (4 years after its first enrollees start). There is again an inspection and a school can either be held at the Provisional stage (meaning there are some issues to improve upon) or next promoted to:
3. Full Accreditation. Fully accredited schools have to keep up the good work and are inspected about every 4 years.
Context: If you graduate from a school that is still at the Provisional stage, you are fully eligible to be licensed, to match to residencies, etc.
Read all about it if you want more here:
LCME Accreditation Process Overview