Can I apply for COS to F1 while my H4 extension is in progress ?

[swatijain]

Hello,

My current H4 visa expires in June 2017 and I have already filed for H4 extension along with my husband's H1 extension.
This was filed on 04/26/2017.
I had also joined a MBA school on my current H4.

Now, I want to apply for change of status to F1 using an i-20 for future date and wanted to check few things :

1. Is it possible to apply for F1 while H4 ext is in progress ?
2. If yes, are there any complications/rejections which can happen on either of the applications ?
3. Also, I wanted to know if in future, I decide to go back to H4 visa, are there any challenges in doing so ?


Thanks in advance!