The Secretary terminates any grant under which funds were not expended if an institution loses—

1. (a) Its accredited status; or

2. (b) Its legal authority in the State in which it is located—

   1. (1) To be a junior or community college; or

   2. (2) To provide an educational program for which it awards a bachelor's degree.

      (Authority: 20 U.S.C. 1063a)