I applied for a COS from H1b to F1 and the application was received by USCIS on May 18th 2010.

Only yesterday did I find out that USCIS is still processing cases received before mine and it will be another 31 days before my case is considered. This means that I will not have a decision before my classes begin on Aug 23rd 2010.

Can you please let me know the repercussions of this delay?
More specifically while I am waiting,
1) Can I register for classes? As a full-time student? As a part-time student?
2) I have full financial aid from the school. What will happen to this?
3) Is there a way to expedite this process?

Thanks!