Request your suggestion for my current situation

[akhil4s]

Hi,

I am currently working under H1B visa for an Indian IT company in the United Status. My max-out date is on Jan 2018 and I have to return back to India after that. My company has started my green card processing and the estimated time when I 140 will be approved (if all goes well) is Aug 2018. After that I have to file 3 year extension for H1B and come back to US again.

Now, I recently gave GMAT and have plans to do an MBA in one of the top  business schools in the US. I have read that if my I140 is approved, there is a slim chance that I can get my F1 approved. So, I am planning to inform my company not to process my GC application further (it is currently in the stage of determination of prevailing wage). Then, I will go back to India as planned before my max out date and come back to US under F1, study for two years and look for an employer who will sponsor my H1 (assuming that if I pass out from top 10-15 b school, I won't have a big challenge finding an employer who will be willing to sponsor). Moreover, my wife is currently working here and if she has her I140 approved, I can work in H4 EAD, after I pass out from school (worst case scenario if my H1B doesn't work). Do you see any risk/flaw in this plan?

Now comes another complex part. Most of the colleges in the US have fall semester and the classes start late August/early September. Since I have spent 6 years in the US, before I can apply for another fresh H1 (after I pass out from college and my OTP also expires), I have to spend atleast 1 year outside the US. But I won't complete 1 year by next September when the classes start. So, I have to apply in the next term , which is fall of 2019, almost 2 years from now and that is too late. Here are my questions:

1. Considering my current situation, do you see any possibility for me starting my classes in next fall? If I don't complete 1 year, I don't qualify for fresh H1B?

2. In order to qualify for a fresh H1B, do I need to spend 1 year at a stretch outside the country? What if I spend 9 months now and rest 3 months in between my terms (when I am in school) and when I am in my OTP in my job? Do you see it as a risk that my H1B could be denied?

3. Say, if I study in H4 visa, instead of F1, can I get a job in H4 EAD? I know, I wont qualify for OTP, but are employers hesitant to employ associates who are in H4 EAD? Will I be in a disadvantage position if I opt this route?

My main aim here is not to waste 2 years and start my application now so that I can get into a class by next fall. Please provide your honest suggestions and recommendation here.

Thank you.