jhilkay,
if your gets H1-B approved, better join Kaplan for couple of months, so your F1 status extends until next 2-3 months. If you are unable to join Kaplan, and have to join a college, then sure no problem. Starting October 1st your status will be changed from F1 to H1-B. You may wish to continue school, but you dont have to take any class after October 1st. You might lose some money for enrollment. Only students in F1 status are required to fulfull 9 credits for Grad and 12 credits for Undergrad. When you're transferred to H1-B, you can drop them all if you wish to. But you need to continue full-time work after October 1st. This is at least what I got from my Intl Student Advisor. Consult your ISA for more details with your specific situation.