Hi toyakumar,
In practice most of the F-1 students who apply
to adjust status get their cards and they are
considered eligible to apply for AOS. Of course
there are some risks of not being able to get
adjudicated.
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I am posting some information on the subject.
Decide it for yourself...
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"There is no clear guidance or regulation from the USCIS regarding whether a student is still under F-1 status if s/he has applied for I-485 adjustment of status. Since a student visa doesn't allow "dual intent" as in H or L visas, it seems that filing a green card application - a clear indication of immigrant intent - would terminate one's F1 status immediately. However, there have been strong arguments, precedent cases and even informal remarks from USCIS personnel that indicate one may, in fact, maintain both F1 and AOS status.
It is definitely recommended applying for EAD along with the I-485 application. Additionally, an advance parole (AP) is absolutely necessary if you intend to travel abroad, not only to avoid abandonment of your AOS, but also because you will have a hard time explaining to a consulate officer why you still qualify for an F1 nonimmigrant visa."
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"There is little doubt that a student who files an application for adjustment of status is not eligible for a student visa for the purpose of returning to the U.S. from a trip abroad. Leaving the U.S. while an adjustment-of-status application is pending generally constitutes an abandonment of the adjustment application, unless a student has obtained an advance parole document.
It appears, however, that there is some argument for the position that a student may maintain the F-1 status in the U.S., while her/his adjustment-of-status application is pending. There may be many who can benefit from this for several reasons, such as the ability to continue on-campus employment without interruption, using an OPT / EAD until it expires (unless a new EAD is issued based on the I-485 filing), the ability to continue CPT employment or receive authorization for CPT employment, the ability to accept graduate assistantships, and, arguably, the ability to fall back on the F-1 status if the application for adjustment of status is denied."
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"Current immigration law provides little, if any, guidance on the maintenance of F-1 status while applying for adjustment of status. Students in this situation should be cautious when making any decisions pertaining to F-1 status issues. While it appears students are allowed to maintain their F-1 status while applications for adjustment of status are pending, each person's situation is unique and may require advice from legal counsel. Since there is no clear-cut law or guidance, the safest course for an F-1 student is to obtain the Advance Parole and the EAD, or have a backup dual-intent status, like the H1B or H-4, to be on the safe side."
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Thank you i2009 and capeolive for the information.
One thing I would like to understand better is what happens to my F1 visa if in case my immigrant visa is rejected. I am guessing I would have to re-apply for an F1 visa. If so, would the fact that I attempted to immigrate while on a non-immigrant visa spoil my chances of getting an F1 again. I understand these information may not be public but i would nevertheless appreciate any insights you may have. BTW, I am currently enrolled in a PhD program and have a clean record.