What silly-putty ? This would not require any sort of Dictatorial powers for Trump, it would be almost automatic.
Certainly a school that has taken an official stance of aiding and abetting fugitives from federal law should lose its accreditation according to existing Department of Education policy. I’m sure there are already laws on the books that disallow federal funds or student aid to un-accredited colleges. The Department of Education ruined ITT last year by disallowing federal student aid due to their questionable business practices. Likewise, the IRS can and should review the tax exempt status of organizations based on criminal behavior. Wesleyan U is a tax exempt organization and that has certain strings attached which criminal activity would be a problem for.
Find the statutes and their judicial support, by all means. But I will not hold my breath waiting.