Break after OPT

Is it true that you have to give a break of 60 days after your OPT expires before you start your H1B visa status?

No, that is not true. Where did you read that ?
Always check USCIS site.

This is a part of a mail I got from my college

No this is not what this means.

After your opt ends, you have a grace period- 60 days to prepare yourself to leave or change your status.

No, you can not work as A F1 - OPT during that time since your opt as ended yet if you get a H1B/ O1 visa during that time, you can start your work on the start date written and approved on your application.

Yet given the current times, might take a while to get approved especially since no new Working immigrants are allowed til January.

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Ok now I understand. So in my case I have finished my OPT but because my employer has sponsored my H1B and in have been selected in the lottery, I can stay and work till my petition gets approved but cannot leave the US as my visa will not get stamped in India till at least Dec 31st.

You can only work, if you qualify for Cap Gap between OPT expiration and H1B start date.
Read https://www.uscis.gov/working-united-states/temporary-workers/h-1b-specialty-occupations-and-fashion-models/extension-post-completion-optional-practical-training-opt-and-f-1-status-eligible-students-under-h-1b-cap-gap-regulations

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Yes, I have got the Cap Gap extension approved till the 30th Sept. Does that mean that if my H1B petition does not get approved by then, i’ll have to leave the job and come home till my H1B gets approved status?

You cannot work after Sep 30th. You can stay in the country waiting for the decision.
The better thing to do is upgrade to premium now and get decision so that you have clarity.

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Thanks for the info. Can I opt for premium processing or it has to be done by my employer only? And how much does premium processing cost?

Check but from what i recall, last year is was about 1400$ - at least for the O-1… You should get your answer on the official website of the USCIS.

Yet, not sure if premium processing is going to do much once again due to the current pandemic…i remember them pausing weeks ago premium processing. Not sure if it has returned now

My company lawyer informed me yestreday that my H1B has got approved. Yah. Relived and how.

Random unconnected question…
I had got my SSN whilst doing a internship during college. Will I be given a new SSN now that I have my H1B approved? And can I get a credit card on my present SSN?