Penn State is accredited by the Middle States Association of Colleges and Schools (Commission on Higher Ed). I know very little about that body.
But, I do know about SACS, the equivalent organization for Southern states. And, the very first principle of Accreditation is Integrity. That means if the university does not operate with integrity, the university's accreditation is at risk. Now, if a professor engages in illegal activity, that's fine. But, if the university's leadership including the Cabinet and Board of Directors is complicit in covering up criminal activity, then the school's accreditation could be reneged.
If I'm Penn State, and if the MSACS principles of accreditation are like SACS, then I'd be most worried about losing my accreditation.
