Change of status from H4 to F1 for my spouse and H1 to F2 for me

My H1b is expiring (maxing out) in mid Nov 2020 and no GC processing. So my wife has planned to study in the USA. So her status will change from H4 to F1 and mine will be from H1 to F2.

We will have her I-20 in a week and we will apply for her F1 soon after. While we are waiting for USCIS to make a decision and we go out of status by mid Nov 2020 and they havent approved her F1 application yet, then what do we do? Are we out of status? Or as long as we submit for change of status before the expiration of our I-94 we are good.

@Anil_Gupta please help

You should be good as long COS has been applied before current i94 expiry.

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