Wow, the responses are overwhelming.

americanKancha: It's for masters. I decided to go for masters or higher.

Khairey: Yeah, right now I don't have an upper hand. So, I am concentrating on getting I20 and applying for change of status by May 31st. Hopefully. If they revoke H1 on June 1, can I still apply for change of status?

thanks mick

Sidster: Yes. But I am more focused on transferring to F1 and hopefully I can apply for i20 by Thursday.

jhatka: I don't have answers to your questions but they are obviously something I'd love to know too.

Btw, Anyone knows any good (as well as reasonable) lawyer for H1-F1 transfer in DMV area?