I have known atleast one person who filed H1B before he graduated. However he already had his Bachelors degree and was completing his Masters. Not saying that he filed H1B in undergraduate quota, but the faculty and advisor provided him with good documentation on his nearing graduation. Also, the company that hired him, wanted him so badly. He started working when he was in school and was paid later after his H1 aproval. Many companies dont do this, Is your employer willing to do this??? In premium processing INS provides you with your H1B acceptance or denial in 15 days after accepting your application. In cases like last year when random selection is done , 15 day starts after your application is selected, premium processing doesnot affect random selection process.