; and (II) the number and percentage of students who were enrolled and did not successfully obtain such a credential, certification, or degree within 150 percent of the program length. (ii) Counting transfer students For purposes of clause (i)(I), a student shall be counted as obtaining a credential, certification, or degree offered by a program or institution that was accredited by the entity during the period for which the report under this subparagraph is being submitted, if the student obtains such credential, certification, or degree after transferring to another institution during such period. (2) Authority to provide an accelerated path to recognition With respect to a prospective accrediting agency or association that submits to the Secretary an application for initial recognition under this Act, the Secretary may provide such recognition to such agency or association within 2 years after receipt of such application, if such application— (A) demonstrates that the agency or association— (i) has at least one year of experience in making accreditation or preaccreditation decisions; and (ii) has policies in place that meet all the criteria under subsection (a) for recognition covering the range of the specific degrees, certificates, institutions, or program of study for which the agency or association seeks such recognition; and (B) provides an assurance that if the agency or association receives such recognition, the agency or association will submit to the Secretary monitoring reports regarding accreditation or preaccreditation decisions, as appropriate. (3) Development of common terminology Not later than 18 months after the date of enactment of the College Cost Reduction Act, the Secretary shall— (A) convene a panel of experts to develop common terminology for accrediting agencies or associations to use in making accrediting decisions with respect to program of study or institutions, such as a common understanding of monitoring, warning, show cause, and other relevant statuses, as appropriate