According to the CHEA website, AACSB is not longer recognized by the U.S. Department of Education. The following website shows AACSB with an asterisk which CHEA identifies as accrediting organizations that were formerly recognized. http://www.chea.org/pdf/CHEA_USDE_AllAccred.pdf
I started reporting and explaining this in the Accreditation chapter of Bears' Guide 12 or 13 years ago. After the 1992 amendments to the Higher Education Act, the Dept. of Education was required to establish new rules for how accreditors handled eligibility for Federal loans, and not all accreditors chose to go along with this: those in business, architecture, library and information sciences, etc. The Dept of Education made abundantly clear that their de-listing had nothing to do with quality. John Bear
Um... will this result in students from those de-listed programs not qualifying for federal loans anymore?
No. Schools with specialized professional accreditation (e.g. AACSB or ABET) almost invariably have general institutional accreditation from a USDoE-recognized regional or national accreditation agency as well. In this case, the professional accreditation is redundant, at least as far as USDoE recognition is concerned. The USDoE does recognize the ABA as an accreditor. This may be due to the fact that there are a number of "stand-alone" law schools that do not have regional or national accreditation; the only USDoE-recognized accreditation that they have is from ABA. The University of California's Hastings School of Law, one of the top public law schools in the western US, is an example. UC Hastings may perhaps be the only public institution of higher education in the US that lacks regional accreditation (apart from newly-opened schools). An LLM from UC Hastings is arguably an unaccredited degree, despite its prestige. UC Hastings has no recognized accreditation except from ABA, and ABA insists that their accreditation only covers JD programs, and not LLM programs.