F1 Visa from India after being on H1b

[BhagathRaj]

Hello members,

I was in the U.S previously, first on F1 for my MS, and then I have almost used my 6 years on H1B (2009-2014) with around 5 months left. I am currently out of U.S. for the past 7 years, and planning to comeback. I am considering to come back as a student on F1 for MBA at a good university, and have the following questions

If I come back on F1 Visa, would I eventually be eligible for H1b Visa for a full six years, upon getting a new job with sponsorship? I know that by the time of applying for H1b you are supposed to stay 1 complete year out of the US, to reset the clock. However, what I am not clear about is if the 1 year is supposed to be the year immediately preceding one at the time of applying? Please clarify if that is not the case.

Also what are my chances of approval from India, since I stayed previously on H1b and it would be my second masters in U.S? would it cause problems from a non-immigrant intent standpoint? Also would the age of the applicant matter for F1? I am in my late 30's. I never had any rejections before. 

Please provide your feedback.

Thanks!