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Bennett College in Greensboro, N.C., has achieved accreditation candidacy status with the Transnational Association of Christian Colleges and Schools, the historically Black college announced Wednesday.

The small women’s college sought accreditation through TRACS after its current accreditor, the Southern Association of Colleges and Schools Commission on Colleges, moved to strip its accreditation in December 2018 because of financial concerns. Bennett fought the move in court and says it remains accredited by SACSCOC.

TRACS candidacy status means students at an institution can access federal financial aid. Bennett now has five years to complete the accreditation process.

“It is significant to note that an accreditation body commended us in two distinct areas, and it affirms that we are on a clear, secure path forward as our students, staff, faculty, alumnae and supporters all work together to reimagine Bennett College,” Suzanne Walsh, president of Bennett, said in a press release.

Bennett is on the path to become one of several HBCUs to receive accreditation through TRACS, including Paine College in Augusta, Ga., and Paul Quinn College in Dallas.