Whatever visa you may be in, your filing for asylum does not void that as long as you continue to fulfil the requirements of that visa. However, the moment your asylum application is rejected, it means that there is a "removal" order pending against you. The asylum office, in practically rejecting your application, refers you to immigration court. The immigration judge, if s/he decides to deny you asylum, issues an order of removal, which is a deportation order. You get a voluntary deportation order of 90 days I think. Now, whether or not you fulfil your F1 requirements, if you are in the country for more than 90 days after that, you are in violation of a court-issued order. What that would mean for your F1 status is your guess. Do you need to renew/extend your F1 status eventually if denied asylum? All your dealings with USCIS will show up then!

It is little more complicated that what is made out to be up there in those posts. GET A LAWYER.... in caps because I need to say it out real loud! And I, and all of us here, could be wrong.

If there is no credible fear of torture or persecution on the basis of five grounds for asylum, just forget it. You might concoct your stories, but that is your choice. I don't, and no one should, advise it.