60 Days Grace Period for H-1B

My Project with My Client will end soon and my employer doesn't have any further projects and asking me to go back to my home country (India) by end of this month. My Visa is valid till Aug 2017 with extension filed. So I am considering to resign on last day of the assignment. ( no new employer found yet).
1) as per new Rule would I be getting the grace period till my I 94 expires i.e till Aug 2017? Is this correct? ( 60 days grace period rule) Also during this Grace period Can I apply for a Change of Status to another non immigrant Visa - F1? (change to a different nonimmigrant classification.) if yes and F1 filed after termination of employment, will this not be considered as timely filed which can result in problems in the future?
2) if F1 is filed Should I start my classes before I94 expiry date or can I Start in September or should I wait till F1 is approved ( after 90 days from date of filing F1)?

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Audio FAQ: 60 days grace period for H-1B

Audio Transcript

1. Let's say your I-94 was not expiring for five or six months no doubt you could lay claim on the 60 day grace period and get another extension or change of status filed during that time. If you do anything during that 60 day period unless the grace period is denied for any other violation of status you are considered to be applying within the status.

2. As long as the difference between the last day of the 60 days and the period your F-1 begins is not more than 30 days you should be ok. More 


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