Ok for all F1/H1 folks.. this is how the process works.
If you are on H1, and want to switch to F1, you CANNOT keep both vias active... These are the guidelines.
1. H1 b visa allows you to study PART TIME, not FULL TIME.
2. Do not confuse stamping a visa on the passport with the issual of a visa. These are 2 different processes. Stamping the visa on a passport is done so you can enter or leave the US at ease. When visa documents are generated, USCIS will look at any previous visa status issued by them. So, if you want to keep both F1 And H1 visas active that will not work. H1B visas have to be sponsored by a company. Unless you are working for that company, that visa will not be held valid. Also, when you will be issues a F1 visa or H1 visa, while stamping the visa at the consulate, the consul officer will look at prior visas and cancel the remaining ones that dont fit your current profile.
3. Nobody knows what the visa situation will be 3 years later, so dont try to bother about it. There is a separate quota under the H1-B visa status where 20,000 students who complete their masters degree get the visa under the "advanced degree" quota. The caveat - you must have your necessary graduation paperwork (transcripts, degree certificate) with you when you file for the visa. You will be filing in March, so the best way to help your situation is to ask the school to issue you a degree in progress or intent to confer degree document that states this student is pursuing a grad degree. CLEARLY EXPLAIN to the company that is sponsoring you for H1 about these documents. Some of them only ask for a degree certificate and if you dont provide it they go bonkers and place u under the 65000 quota.
4. OPT & CPT are 2 different things. CPT is issues by the school, OPT by the govt/USCIS.
Summer internships are done on CPT, not on OPT (CPT does not have any time limit, but OPT has a 1 yr time limit, so do not wate your OPT on a summer internship)
MS & MBA are similar degrees, but some school consider them to be separate degrees. Check wirh the school on this matter.
I was on F1, used my OPT.. so i know the drill.
hope this helps..