Per APTA's website, Midwestern's first class won't graduate until May of 2013, so accrediting should happen in spring of 2013. Until that time no guarantees, so potentially money wasted if they fail to win accreditation. However, some programs claim to have "teach out" agreements with nearby accredited institutions, meaning that those accredited institutions guarantee that, should the unaccredited school fail to win accreditation, they will accept those students into their programs and allow them to complete their degrees at the accredited institution. I would check with Midwestern to see if such a guarantee exists. Given that they already have an accredited program in Illinois, I would think that the risk for this particular institution is pretty low.