let me share you my story

I graduated last december (4 years degree). My OPT started Feb 02 2009 and it's expiring on feb 01 2010, but as usual no job. Ra ma ahile regular GS ko Kaamm gardaichhu. I went and talked to my DSO and he said you need to have an I-20 from any school (I mean literally 'any' school :community college, university, vocational schools--as long as they qualify within INS requirement and the new school accepts you). And that is within after 60 days of your OPT expiration. Here is what I am doing. I want to join grad school. For that I need to have my GMAT score. So I decided to join KAPLAN test prep. I decided to start from March last week (before my opt expires(with 60 days grace)). Then that KAPLAN  I-20 will take me thru august last week (an I-20 being 6 months long). In the mean time, I could prepare for the test, take test, and get admitted to grad school (which of course is possible within august last week--I have to coz I got no choice fall semester begins around august last week).

Here is the timeline:

feb 01 2010 opt expires

60 days grace will make it April 01 2010

transfer clarance from undergrad school

March last week start KAPLAN TEST PREP

June 15 take test

by June 18 apply to all grad schools I want to

August first week- get accepted to grad schools w/assistantship (hopefully)

transfer from kaplan

start grad school  

      Remember enrolling in Kaplan test prep is like taking regular 3 cr hours  class in college requiring you to do all the homeworks, class attendance, and group participation. It is just like a higher level of ESOL class for grad int'l students. However, I-20 is 6 months; the class is  only 3 months. If within that 3 months you get good score and decided to transfer to grad schools, you are homefree. For some reason you did not get desired score and you meet all class attendance, homework reqirement you can take another 3 months at same kaplan location for free. So basically you are paying $1800 for 3 months class on 6 months I-20. But if you screw up in that first 3 months if have to pay 2nd $1800 to do another 3 months class. Also, the 60 days grace period applies to Kaplan I-20 as well.

Hope this helps