I am on H1B Visa and will be laid off on June 24th. I am planning to file for COS to F1 before I get laid off.

School will be issuing I20 for Summer Semester beginning May 20th? I intend to study and work till June 24th and after that move to F1 status. When shall I file for COS I539?

The Fall Semester for the school begins on September 2nd 2009 aproximately after two months of my termination date. If I intend to join the school in Fall semester when shall I file for COS. If I file for COS before June 24th for a school term which is starting two months after my H1b termination date will it be approve. I heard COS application take two months for processing can I stay in the US when my application is pending. I dont want to leave the country between June 24th and September 2nd.