I am in H1B now. If I apply to convert my visa from H1B to F1 in my home country , is it risky?? Yes. because you want to change your intend from immigrant to non-immigrant (hard to convinve).
If they reject my F1, is my H1B is still valid?? Depends, if they check your H1 legitimacy (ask pay stubs, W2, letter from company, companies credentials etc), if you are not able to provide they can put a stamp on your H1, "cancelled with prejudice", because your f1 is rejected. Bottom line is risky. But you can change the status with in US, and continue to study without any problem.
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