Advantages of an accredited college are: accreditation by a CHEA approved regional accreditor virtually guarantees transfer of credits and degrees between most institutions, and it allows students to apply for federal financial grants and loans. Accreditation by a CHEA approved national accreditor can potentially but not assuredly do the same. Accreditation by agencies not approved by CHEA have far less practical value but are an indication that the institution is a legitimate provider of education rather than what is commonly called a diploma mill.