Comments like yours and others that consistently follow any post about Luther Rice Seminary are discouraging. One might assume that a degree (like mine) from a TRACS school like LRS is useless (except that they qualify for financial aid - as you said).
There is nothing wrong with Luther Rice University, Piedmont Baptist College, or Southern Evangelical Seminary. Each of those schools are accredited only by TRACS. Nothing in the world wrong with that. However possible students, who wish to teach or transfer to DMin/PhD programs, need to be aware that TRACS only schools enjoy limited acceptance in the world of academics. For purposes of ministry (pastor, missionary, personal achievement, etc) none of that really matters. Its all about purpose.
Yet, I was admitted without condition to D.Min programs at two RA schools (I was fishing). Neither of the schools indicated that my acceptance was considered an exception (as your 'case by case' comment implies).
Several years ago I did a survey of several major seminaries. I asked if they would accept/honor graduate degrees (MA/MDiv) from Luther Rice University. While the results were mixed, the majority said no or said they would if the credits/degrees were earned oncampus. A few major seminaries said they would accept degrees from schools like LRU. Among those were Southeastern Baptist Theological Seminary and Liberty Baptist Theological Seminary. Schools such as Southern Baptist Theological Seminary and Trinity Evangelical Divinity School said no. So the acceptance of degrees/credits from TRACS only schools is on a case-by-case, school-by-school basis. Students should always do their homework before enrolling in a program (and get everything in writing).
I did not survey secular schools. However many secular universities/colleges require regionally accredited degrees in order for a person to be hired as an adjunct lecturer/professor or as a fulltime instructor/professor. However personal connections, or achievements, have a way of overriding such requirements.
Can I teach with my degree? Yes, possibly - if I were so inclined and that particular job market opened up (two huge ifs). I could earn a MTh at UNISA or SATS, etc. and then enter a research doctoral program at a R.A. school. That is not too different than what someone with an M.Div. from a R.A.-only school would have to do if he wanted to teach.
Of course you can teach with a Masters from Luther Rice University. However you would have to either (a) find a school that did not require candidates to hold regionally accredited degrees (b) graduate from a regionally accredited PhD/DMin/EdD program or (c) have good connections.
College teaching, at any level, is a very difficult career to break into. The current economic situation has made a difficult path even more difficult. Many colleges have hiring freezes or are being very picky on their hiring. Many colleges are looking internally to adjuncts who have proven valuable. So it is very hard for outsiders, with no connects or experience, to get a foot in the door. Those that do, need to work day and night to keep their foot in the door. People going into college teaching should
always have a plan B and a great deal of patience. My plan b was teaching at the middle/high school level. Whatever it maybe, those trying to break into this field need a backup plan (a plan b).