Overstayed by 2.5 months.. applying for Masters now.


I graduated from a US college and started working on H1b on Jan 2011. I was laid off on June 3rd 2014 but had a few interviews lined up through out June and July. Unfortunately, I did not get any confirmed job offer. I had one potential employer holding up the decision to deny till end of Sept. but I decided to leave the US on Aug. 15th, 2014. Still with 2.5 months of overstay.

I have been out of the US ever since and recently checked that my H1b status was revoked on Sept. 10th 2014. At present, I am applying for US business schools but I dread that my overstay of 2.5 months might create problems. During my stay I had also consulted various attorneys who misguided me by saying that I had some time (grace period) to find a job otherwise I would've left right away. What are my chances for getting a F1 approved? Any suggestions to make the case stronger? (I had lived in the US for 8 years so it took some time to get rid of all furniture, cutlery, etc. plus I had to give notice to landlord.)

Any help on this matter is much appreciated! Sorry for a detailed question. :)
I was laid off on June 3rd and I had heard (from some useless attorneys) that you go out of status the day you leave your job. Yet, on the uscis website the date of revocation is stated Sept. 10th.
Perhaps, as I was on the employer's payroll till later due to the severance pay.. Considering the uscis website, would I be considered to have overstayed?