Will it effect COS to F1 if doing H4 extension

Dear Members,

I am in H4 dependent visa pursuing master degree and applied for Change of Status to F1 in September 2016 which is still in process.

My Query

My wife is applying for H1 extension, her organization advised to included H4 Dependent also along with her extension.what will happen if do so,is it necessary to do H4 extension wherein F1 is in process.