Association Vice President Tom Bemburg said the school hasn't shown financial stability or an ability to support its mission and scope of programs.
The group suspended St. Andrews two years ago, which the college said was because of a disagreement over the college's strategic plan and how it structured its finances, including extensive borrowing to fund enrollment expansion.
St. Andrews plans to appeal the decision. It will remain accredited until all appeals are exhausted.
Only accredited schools are granted the ability to administer federal student aid.
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