L1 can be transferred to F1 while stay in USA?

I am currently working on L1 visa in US and this is going to expire in feb. The H1 that I applied did not get selected in the lottery. Is there a way that I can apply for the study visa while I am staying in US. What are the pre-requisites to apply for the F1 visa.

You should get admitted to college that issues I20. apply for COS and you should be good.

You need to stop working as soon as the COS is approved.