Hi, I am in F1 visa but after post-completion OPT, I have lost my status from a little over 2 months. It seems little confusing about reinstatement. Can I still apply for school and join in few months' time? Has anybody here experienced this situation? Please share what worked and what didnot work. I would highly value your insights and suggestions.

You should have got grace period. You should have applied for the school when you know that you are not getting sponsored or only choice was go back to school. Don't let it go for more than 6 months or you'll be barred from entering US for 10 years. I think 3 months of out of status is 3 years bar. I think you still got some time so hurry the F up and get in status before its too late. Talk to new/old international adviser or the lawyer if you intend to stay in US with valid status.

2 months is ok because ur inder grace period . Any where from 2 months to 6 months is 3 year bar from entering the us . You hvae 2 options:

1 . Immediately leave US and come after 3 years on any visa.
2. Marry us ctizen and adjust status beccause u have a legal entry

There may be multiple ways to regain your F1-visa-status.

Thank you to all three of you @surexh, @haal haal pandit and @HelpYouHelpMe for all the ideas and concerns. I was applying for schools but ran out of grace period and out of status right now. But I am rushing on college admissions and whatever is required to be done at this part. Also, I am trying to take some advice from a lawyer. But I do want to repeat my gratitude for all of you for prompt replies and suggestions. Namaste!!

You are in big trouble dude. I know lot of Nepali’s in a same boat like you and they havent been successful to adjust their statuslater to permanent resident . Keep in mind even a week of not being in status will be a problem later . You will find out once you start getting  RFE’s. While adjusting. As mentioned above by help you help me, things like illness or mental health problem might ease this situation however you have to provide proofs and evidences from a physician and this job is not easy. I am not trying to scare you but i know lot of nepali students being out of status and later making up stories to regain their status .