Change of VISA status from L2 to F1

[mech.y1]

hi,

Presently my wife is on L2 visa with valid EAD (both EAD & Visa are valid till May 2014). She want to do higher education and got acceptance from university. She is thinking to change her VISA status from L2 to F1.
questions:
Is her EAD remain valid after the status change from L2 to F1?
Can she continue her job along with study on F1 Visa?


Thanks