If you are not enrolled in school,  still you wil be eligible to file an asylum but if you LOSE, then you will be going home. On the other side, just go college, do not worry about your GRADES,  then if you win that's great, but if you LOSE, you  will be back in your F1 Status.

So my suggestion to you is just continue college. Do not give anybody chance ..And you know gurkhazz, you are saying that you are enrolled, so what's the deal, go college and file an asylum. But the most important question is when was your last arrival to this country?? Better not be more than a year. If that's the case, sometimes you will file an application but the Immigration Judge or Asylum Officer will not accept your application.

Good Luck.