Income and enrollment fell during the Great Depression. Between 1917 and 1930, enrollment fell from 205 students to 140. The school sought accreditation from the North Central Association of Colleges and Schools, but the application was denied because the college and academy could not be accredited as a single institution, and financial constraints prevented their separation. In 1932 the abbey and the school lost most of their money when the Kaspar American Bank in Chicago failed. Academic programs and student activities were not greatly affected, in part because the faculty was mainly clergymen, who were not highly paid. Still unaccredited, the school was certified by the state of Illinois in September 1934.