The required application process for a college to gain accreditation involves four steps. The college must undergo self-examination, preparing materials that reflect the college's standards and accomplishments. In the second step, a group of peer administrators and faculty review the college's self-examination materials and the college's administration. During the third step, the accrediting group visits and evaluates the college. Finally, the college receives a judgment from the regional accrediting agency. If accredited, the college agrees to continuous review, undergoes reaccreditation every few years.
During the self-evaluation and peer review stages of the application for accreditation, a college's academic merits are assessed. Each accrediting agency agrees upon a minimum required quality for libraries, curriculum and financial well-being. The accrediting agency also evaluates the college's academic standards, which include the graduation rate of students, the qualifications of the faculty and the quality of student services.
Formal accreditation also ensures that the accredited colleges are in compliance with state and federal legal regulations. To receive federal and state financial aid, schools must be accredited. In addition to basic public health standards, other legal regulations might apply to colleges. For instance, Title IX of the Education Amendments of 1972 guarantees that both men and women would receive equal support and benefits of any federally assisted college. One of the major results of this amendment has been that all colleges receiving federal aid must support female athletic sports equally.