SEVIS reactivation question for I20 issuance

[SundarH1B]

Hi

I'm on F-1 student visa at this time.

I'm on (H1B rejection) grace period right now that ends July 14. I have obtained admission in a school for Fall 2013 and my old school had submitted a request to reactivate my SEVIS record and the request is still pending.

My question is, should I obtain active status and have the sevis transferred to the new school before the end of the grace period date? Or is it OK to wait beyond my grace period in case my Sevis status continues to wait for activation?

I would appreciate any information regarding this.

Thank you.