Challenges after MBA admit- visa woes

4/23/2012 Update (copied verbatim from my GMATClub post dated 5/23/2011)

I initially decided to take the H4 route and not bother with applying for F1 etc as my I-140 was approved and I didn't want to risk not getting F1. I finally took an unpaid sabbatical from my company and started my MBA (on H1B). Around November, I figured that finding an internship outside of USA and on top of that returning to USA from the internship on an H1 (but on sabbatical and studying full time) might be even more complicated. So I mustered courage, prayed a lot and took the leap of faith. Yes, in other words I applied for an F1 CoS in Nov/Dec.

I consulted many lawyers and eventually used a lawyer in NYC who was referred by a friend. (If you need details email me, my email is listed in the comments). The lawyer helped me out and we successfully got a F1 approval CoS around Feb, 2011. I resigned from the employer once the CoS got approved. I went to India during spring break and got my F1 stamped without any trouble.

Now, as per my lawyer if the next employer of mine post MBA applies for GC, they should be able to use my approved I-140 and request USCIS to use same priority date. But then again, no guarantee if they will use it or not. I'll find out that when the time comes. For now, I'm happily interning in the fields of my choice in NYC. 

For most of us, getting the admit is the last step in this tough journey. They have access to funding, no immigration issues and can start planning for vacations, pre-MBA internships and what not.

For the unfortunate few, the misery continues. Having first applied in 2008 unsuccessfully (2 waitlists), I was eager to get an admit ASAP in 2009 as a reapplicant. CBS ED worked out in my favor and I was looking forward to packing my bags as soon as I got my admit in November. New Year brought with it new challenges-  no-cosigner loan was becoming a major issue unexpectedly, and my visa became even bigger concern- a green card application in process (I-140 approved stage) meant transfer to F1 visa is not straightforward. I spent the months of Jan and Feb frantically searching through all forums to find an answer. Different people said different things, tough luck.

I then approached a lawyer who recommended pursuing part time MBA instead. I was devastated. First ray of hope came through a current student at Wharton. I found him in one forum, he had left his email ID in a message posted in 2008, thank god for that. He was very kind and gave me good advice. I then found another lawyer who suggested me options I could pursue, things were looking better. There was still no certainty but at least all hope was not lost. Meanwhile, I decided to hedge my risk by trying to secure an admit from schools in EU. I did it, I submitted my application a week ago on time for R3 @ LBS. I'm hopeful something will work out in my favor, but these past few months have been very tough on me and my family. I'm lucky to have a supporting wife and parents. Without them, I'd have given up long ago.

Right now, I've secured my I-20 and I'm going to tell my employer about my MBA admit and request to withdraw my greencard application. Hope it doesn't create any problem for my current job. I need my job till I get my F1 visa approved through change of status. Wish me luck!

For the sake of people having similar issues out there, here is a comprehensive plan of action.

1. Secure I-20 from business school by arranging for funding
2. Withdraw I-140 by requesting the employer. They should send a letter to immigrations.
3. Take a copy of this letter, and create documents that support your intent to go back to your country after MBA...real estate in your name, family ties, a job offer from your country etc and apply for Change of Status from H1b to F1 while being in USA.
4. Change of status takes 2.5 months on average
5. You need not go to your country to stamp, instead you could just change to F1 status while being in USA and start MBA. You need to stamp F1 only when you leave USA (in order to return). So you can go while in school and get it stamped in order to have ability to freely travel in and out of USA during your F1.
6. You needn't apply for change of status while being in USA instead once you withdraw I-140 you can just resign and go to your country and apply for F1 from there. From what I have heard, change of status seems to be less risky than applying through consulate.