Current Students at the ACICS UniversityIf you are currently studying at ACICS school, there are two options for you.
1) If you are in 1st or 2nd semesters better to a different school as soon as possible. Your GRE/TOEFL/IELTS will still be valid so that you can apply to other school.
Your credit may not transfer to non-ACICS schools. You need to start the degree from scratch.
2) Risky option: You can continue in the university and wait for a new accreditation for the school. Unfortunately, ACICS Universities will be rarely successful in getting Regional and National accreditation. By the time you graduate, if your school is not properly accredited you will be in trouble as you are now.
If you want to continue in the university, you can do so and your F1 visa status will not be interruped.
Just Graduated, OPT application is pendingYou will still get OPT approved(as your school still had SEVP recognition) as the school accreditation is needed for only STEP OPT 24 month extension.
24 month STEM OPT ExtensionIf you application reached USCIS on or after Dec 12th 2016, you will still receive the approval.
Those who apply for OPT Extension ofter Dec 12th will get rejected since your school is not certified by DOE by the time you apply.
Had a masters degree from a good school and joined ACICS school for CPTIf you joined the ACICS college just to get CPT and have a bachelors, masters or Phd from another accredited school you are fine. You can use the old degree to get H1B.
Apply to H1B on April 1st with degree from ACICSUSCIS didn't issue it's stand on the h1b from a non-accredited agency yet. Most probably there will not be issue with getting H1B for students who already graduated before Sept 22nd as the institutions were accredited at that time.
USCIS might issue guidance soon on students who graduated after that date.