I think the process of accreditation is highly questionable. While I think there should be some form of quality assurance for academic institutions, it didn't measurably improve the situation in my country.
I am located in Europe and there are quite some difference about who accredits institutions compared to the US.
Local critics say that the process is expensive, bureaucratic, inefficient, a danger to academic autonomy and slow.
That said, regardless of the process, the distribution of knowledge is easier than any time before. That students in the US need to take huge loans has to be a testament of giant organizational failure.
