Utilizing H1B after moving to F1 Status

I am on an H1B Visa right now and came to US from my Indian Employer. Both my current petition and H1B Visa is expiring in August 2016, and I have utilized 1.6 years of this H1B Visa. I am now planning to go for my higher studies and will be shifting to F1 status this July. My question is - once I have completed my masters next year, can I use my current expired H1B visa under the Cap-exempt category to move back to H1B status from F1, or will I be required to again go through the lottery process to get a H1b ?

You will be eligible for cap-exempt petition in future. So you don’t need to go through the cap again.

Thanks Saurabh.
And to confirm - Cap Exempt can be filed at any time. It will be just the petition renewal and transfer to the new employer. Am I right ?

And Saurabh another question -
I am currently working on H1B and plan to start my MBA this fall. That means, I will be moving to F1. Is there any complications/risk in this ?

That is correct understanding.

appreciate that. Thanks!
Would also be great if you can answer my other question on process and complications (if any, like chances of rejections) involved in moving from H1b to F1 status. Thanks again !

There are no additional complexities as compared to applying for F-1 from outside US. The only advantage is that you don’t have to appear for immediate F-1 visa stamping and so don’t have to deal w/ consulate scrutiny.

Process involves filing SEVIS fees, getting I-20 and submitting I-539 (COS) application form along w/ form fees. You also need to show proof of current H-1 status (797, I-94, payslips) and financial stability to support cost of tuition.

Hi Saurabh,

I am currently on F1 and have a stamped but unused h1b from 2014. My previous company has since gotten the visa revoked due to my departure. Would I be considered cap exempt ?

Yes, you are eligible for cap-exempt petition.