Can i study full-time Masters while on L1-Blanket visa?

[Praful Jain]

I am currently employed in San Jose, CA on a L1-Blanket Visa. I have an admit from UC San Diego for Fall 2015 M.S (Electrical Engineering).
My plan was to quit my job in July, go to India and get F-1 visa. However, I am eligible for In-state tuition at UCSD (which is $15,000 vs $30,000) if i enter school on a L-1 visa. Entering school on F-1 disqualifies me for this tuition waiver.
I was under the impression that my L1-B will be void the day i quit my job here in CA. However, if there is a way for me to work on L1-B after quitting my job, i will change travel plans and not go to India in July.
Turning to immihelp for some advice. Appreciate it in advance.

Thanks.

[me_shaan]

If you have entered US with an L1 category visa and then your employment is terminated, you lose the legal non-resident alien status. Your L1 visa is tied to your employer.