can I go to school for degree at H1 status!!!

[H1F1XX]

I am still at school for my second master's degree while working part time for my company. The company is sponsoring me for H1. Can I go to school for degree purpose at H1 status?
Also I work part time for the company with low income, is that going to affect the chance of getting an H1? Should I just quit school and work full time?
A decision to be made tomorrow? Need urgent help!!!!!!!!!![/COLOR]