Post-OPT legal status after H1B rejection and Fall 2013 school admission (pending SEVIS reactivation & new I-20 issuance)


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I am an F1 student visa holder and graduated from business school (MBA). My OPT expired in February 2013 and I am now on cap-gap extension status. I applied for H1B visa on April 1 and received my rejection notice on May 15. My 60-day grace period to stay in the US expires July 14. Meanwhile, I obtained admission at another local college for Fall 2013 (received email confirmation from the college). But they have withheld issuing me the I-20 pending the reactivation of my (terminated) SEVIS record. My previous school had submitted a request to ICE/USCIS authorities to reactivate my SEVIS record. But the request is still pending and they have not yet heard back.
In case the SEVIS reactivation and/or new I-20 does not arrive before July 14 (end of 60-day grace period following H1B rejection), will I need to leave the US? Or is it OK to stay here beyond my grace period, and wait for the SEVIS reactivation & I-20 considering that I have an email confirming my Fall 2013 admission to the other college?

I would appreciate any information regarding this. I need to determine urgently whether I should reserve an return air ticket a.s.a.p. to avoid overstay. Thank you.
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