I entered the US on an F1 visa in 2002 and have been on H1B since 2005. I recently got admitted into an Ivy League b-school for an MBA starting 05/2010. Thanks to the economy, there is a good chance that I could get laid off as early as 02/2010.

My questions are:

1. Is it too risky for me to apply for an F1 visa at a US embassy in India? Though I have never filed I-140, I am concerned about the 'immigrant intent' issue. Is there a strong possibility that the F1 could get rejected despite the high-ranking of my b-school? I have no funding problems.

2. Should I instead take unpaid leave if I foresee a lay-off coming, apply for an F1 COS, and resign voluntarily 30 days before school starts? At worst, I would need to ride out about 12 weeks between losing my job and starting school.