H1B to F1 to H1B?

[bl13]

I'm currently in my 8th year of H1B. My I-140 was approved in 2011, and I received a 3-year extension after my 6-year eligibility was up because of it. I have not yet filed I-485 because my PD isn't current (and will not be in the near future). My current H1B status will expire in August 2015.

I'm also planning to quit my job and enroll in a top-10 full time MBA program in a month. I will apply for CoS while staying in the US. Have some questions around this -

1) After graduating in 2015, is there any possibility for me to switch back to H1B status without physically leaving the US for a year? I understand my I've used up my 6-year eligibility, but not sure if following avenues are possible:

1a) Extend my current H1B based on my approved PERM/I-140 with current company (even though I might be working for another company by that time, and also after a 2-year gap in F1).

1b) Starting working for another company with my 1 year of OPT, and file for a new PERM/I-140 while on OPT to extend H1B.

2) If the answer to 1a) is no, is there any reason why I should not ask my company to withdraw the approved I-140? I understand that withdrawing the I-140 will make it easier to get the CoS to F1 approved, but want to understand the negative consequences if there are any.

[pontevecchio]

Intent is a frame of mind. You have already shown that intent. How do you enroll in a well known institute in a month?

[rahul412]

I'm also planning to quit my job and enroll in a top-10 full time MBA program in a month.

Have you got the admission for the MBA??

[bl13]

Have you got the admission for the MBA??

Yes I have already received and accepted an offer of admission.

[JoeF]

With the I-140 filed, you won't even be able to change to F1, because the F1 does not allow immigration intent.