From the OP's later post:
"Since accreditation determines a school's eligibility to participate in federal and state financial aid programs, and the eligibility of its students to be accepted into graduate programs and to meet requirements for professional licensure, revoking a school's accreditation is a big deal — and can even be a death sentence."
I'd say it's a government benefit, in a roundabout way.
And there was no problem until the gay rights bigots intervened last year. Until last year, regional accreditation and participation in federal and state financial aid programs were never viewed as a problem in relation to private religious schools. It did not occur to anyone that a religious school's moral code of no extra-marital sexual activity for students was any cause for revocation of accreditation or withholding of government financial aid, since no one is forced to attend a private religious college and since there are numerous--thousands--of secular colleges that have no such moral code.
Some parents and students prefer a school with high moral standards for students. Those parents and students who prefer something else or who don't care have literally thousands of alternative choices, including online courses.
I hope Gordon College challenges this brazenly unconstitutional and un-American attack in court. I think the current Supreme Court would rule in the college's favor, possibly by as much as 7-2. The alternative, as Andy Sullivan notes, is to simply shred the principle of religious freedom.
And, again, why, why, why would any married gay want to attend a private religious school in the first place?