Amy 203 is correct - APA accreditation is important for a number of reasons and it
can be a negative later on if you graduated from a school that wasn't. Of course, it all depends on what you want to do later with the degree. But is IS important to know up front what impact it will have before you invest in a program.
Use the APA web site (APA.org) to read more about - they have FAQ on accreditation- explaining what it is, etc. For exmaple:
http://www.apa.org/ed/accreditation/accrfaq.html
Why is accreditation important?
Although graduating from an accredited program does not guarantee jobs or licensure for individuals, it may facilitate such achievement. It reflects the quality by which an educational institution or a program conducts its business. It speaks to a sense of public trust, as well as to professional quality.
As a student: Accreditation provides assurance that the program in which you are enrolled or are considering enrolling is engaged in continuous review and improvement of its quality, that it meets nationally endorsed standards in the profession, and that it is accountable for achieving what it sets out to do.
As a faculty member: Accreditation provides a formal process for ongoing evaluation and improvement of your program and faculty development outcomes, a process by which faculty, students, and administration can work together in advancing the educational institution's mission.
As a psychologist: Accreditation provides a forum in which educators and practitioners of psychology can exchange ideas on future needs of the profession and ways in which to best address these needs in professional education and training.
As a member of the public: Accreditation ensures public accountability of a program or an institution -- that it has the means and demonstrates the outcomes for its educational process that are consistent with its goals and objectives; in other words, that there is 'truth in advertising.