If Penn State loses it accreditation from the time Sandusky first molested boys,?

Penn State did not lose its accreditation. The university got fined, and will be excluded from collegiate sports competitions for a period of time, but that's it. The activities involved had nothing to do with the university's academic programs. Even if they had lost their accreditation, it would affect only future students, not those who graduated when the university was fully accredited. In any case, their accreditation would be at risk only if they failed in some academic duty or cheated in some arena of the academic world. While the entire university was affected by the huge fine they will have to pay, only the sports program suffers from the school's inability to compete.