You won't "graduate" from an unaccredited program. We have one starting up in our state this year and from what I understand, by the time the first class is getting ready to graduate, it will be determined whether or not the program will receive accreditation or not.
You're taking a risk, especially the first class, but I think it's fairly uncommon that a school does so poorly that it doesn't gain accreditation. If it doesn't, there is always the chance of transferring into another program...but you might just end up starting from scratch anyway.