H1B to F1 with i140 approved good option?

What happens if I try to convert from H1B to F1?

Scenario:
I was on H1B and was affected by COVID layoff. I am currently on my 60 day grace period and plan to file a COS to F1 within my grace perios.
I am currently staying in United states.
My I-94 entry is valid until Sept 2021.
i140 approved.
I am currently not employed/ not on any severance pay since last 15 days.

Question:
1)Is it a good option to change from H1B to F1? What are my chances of being approved/denied?
2)Can I continue to stay here in US after my 60 day grace period is over, while my COS from H1B to F1 is still pending with USCIS?
3)Can I start school while my COS from H1B to F1 is still pending with USCIS?(After my 60 day grace period of H1B is over?)
4)If eventually after 4-6 months months my F1 COS is denied, will my stay in US be considered unlawful. (My i94 is valid until next year, but H1B 60 grace period would be over)
5)If I have filed a COS from H1B to F1 within 60 day grace period and I am waiting for a response, if I find a new employer after 120 days when COS is still pending, can I start working with new employer on H1B?

Thanks for all help in advance.

Hi Anil,
Thank you for your response.
What are the chances of F1 being approved?
If F1 is denied after few months ,what can i do? Will i have to leave US immediately?

Its same as applying B1 or B2.

Offcourse, you will have to leave US if your visa is not approved.

Hi Anil,
Thank you for your response.
If i find an employer after my 60 day grace period is over but while my COS to F1 is is still pending with USCIS, what can I do?

Hi @Bee

Read the linked article. I can’t repeat answers due to limited time.