Ran P,

i did not go thru that situation so i do not know exactly how it goes. But here is what i would do if i was in your situation.

i would go and talk to the advisor(DSO in international office), tell him why your grades suffered (if there were any valid reasons, financial hardship in family, some other kind of problems...just don't tell him that you were at work when you needed to take the exams or u were partying hardcore and had a bad hangover to go take the test, which i hope is not the case). reasons such as problem in personal life, family issues, financial issues are pretty good reasons, i think.

now, ur I-20 is expiring in May and you are accepted at another college for fall...but have you received another i-20 from the school you are starting in may?

if not, go talk to the advisor in the old school, tell him your situation and apply for i-20 extension. once you get the new i-20, then you can take the transfer and get a new i-20 from new school.

if yes, then you already have an i-20 with valid issued date. but in this case, talk to dso in new school and find out if everything is okay.

i might be sounding very very defensive, but trust me, you do not want to mess with your status...once you are out, you might be out for ever...unless you marry citizen...or you know some other tricks that i don't...

its better to be safe than be sorry....go talk to the advisor.