Approved but not Accredited?

There is a new nursing school in my city, it is a private school and they said their first batch of lvn's will graduate in february '10..

I talked to the woman on the phone and she said depending on how the class does in their exams will determine if the school gets accredidation and financial aid.

I found the school on my states board of vocational nursing website, its Oikos university in California. The program is 20,800 which is relatively inexpensive compared to other PRIVATE schools in the area (im going the private route because all the public school near me are IMPACTED up to ying yang) like western career college who charges 40,000 something..

would it be safe for me to go to this school since its approved but not yet accredited... I mean its on the list of accredited schools but it has a star by it

http://www.bvnpt.ca.gov/education/sc..._schools.shtml

please give me your opinions!! thanks you!