I am also working on the same case. I am in H1 and recently lost the job. I am planning on going back to school for MBA this fall. I have already applied in the school and everything has been approved but I still need to show them my status paper. I applied for H1 form the consultancy and it runs till the end of this year.

So my questions are:
1) I was told the school doesnt need to release I20 if we are in H1. I20 is only meant for F1. So can I apply to the school with H1 and then later change to F1?
2) Will I be considered out of status if the H1 gets expired before F1 is approved but I still go to school?

All of your thoughts will be appreciated.