continuing work with current company if h1b wasn't approved


my employer is applying for my h1b visa this year (2015). i read in your blog that it is very likely that we will also have lottery this year. with that said, i have to understand that there is a fair chance that my application is not picked up. i’ve already used by 17 month STEM extension and my current EAD expires on June 4, 2015. I’ve planned to apply to grad school and get an i20 just in case so i can begin masters from august, 2015. my question is this, is there a way to continue my work with the current employer while i go to grad school to support myself? grad schools are generally expensive and getting through it wihtout a steady job would be almost impossible for me. Any help is appreciated. Thank you.