I'm not in this situation thankfully. But as someone who lived in the US for several years on multiple visas (including H1b) I would advise any prospective international student to think carefully before applying to any US school about Plan B and Plan C options if they do not get an H1B Visa post-MBA. Think carefully about whether you are likely to have loans or not, and what that would mean for you. And if you have a family dependent on your visa, I personally would not advise coming to the US, unless you and the family are open to moving back to the home country after graduation, and you're attending an ivy league.
The reality is the current US immigration system is designed to make things as difficult as possible for foreign professionals. Think long and hard about what it means to only be eligible for 20% of the job opportunities your friends and section mates from business school have access to because companies don't want to deal with H1B process. Think about what it means to be in a job you hate and you can't quit because only a handful of other companies would be willing to take over your visa, and you're hoping your current boss (who you despise) will agree to sponsor you for a green card. Think about your spouse's work visa being tied to your status at that job you hate. And consider that you cannot easily start a side business and test an entrepreneurial venture while on the H1B because of the restrictions around earning income apart from your employer on file.
I'm not saying the process doesn't work for any foreign student. Some find visas in great jobs working for people they admire who quickly file for the green card for them. But for a good number of people, it is incredibly difficult, and can really cause a lot of unhappiness in their personal lives. You need to weigh all the factors and prepare for what you might do if something goes awry.
And for the love of God, don't pin your hopes on possible legal reforms by the Trump administration. See what happened with healthcare, DACA now tax reform.Things that we're said initially were changed - one day he is pro, the next he is against.
Plus, why on Earth would the Trump administration and Congress want to make life easier for you, a (likely Democrat) foreigner who didn't vote them in? The smart thing to do is to accept the system as it is right now and decide whether you can work with it. Any positive legal reforms should be treated as a pleasant surprise.
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