H4 to F1 conversion (Need very Urgent Help)

Hi All,

Here is my situation. I am on H4 and already going to school here, completed one semester on H4 so I am desperately trying to be on F1 for Spring 2014. I just got my H4 visa extension approved this week and now I want to apply for F1 visa. I don’t have enough time left for change of status (adjusting status within USA) so I am thinking to go to India and get F1 stamped in India and enter back in USA. Here are my questions -

  1. Given that I have H4 approved (but not stamped), can I take F1 appointment in with consulate in India directly or do I need to get H4 stamped first?

  2. What happens if I my F1 gets rejected or has any issues? will my H4 be still valid? Can I enter back in US on H4?

  3. Are there any other options?

Thank you in advance for your help.