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To access federal student aid-which totaled more than $136 billion in fiscal year 2013-schools must be accredited to ensure they offer a quality education. In light of accreditors' important role in overseeing schools, this report examines (1) accreditor sanctions of schools for non-compliance with accreditor standards, (2) how likely accreditors are to sanction schools with weaker student outcome or financial characteristics, and (3) how Education uses accreditor sanction information for oversight. GAO analyzed sanction data from October 2009 through March 2014-the most recent data available-and conducted statistical modeling using data Education collects on schools to test whether schools with weaker characteristics are more likely to be sanctioned by accreditors. GAO also reviewed Education documents, relevant federal laws and regulations, prior research on student outcomes, and interviewed representatives of accreditors, higher education associations, schools, and Education.