F1 visa application with a valid I 20

[bsmita]

I'm an Indian citizen and currently pursuing my graduate education in the U.S. My F1 visa expires in July 2013, but my I-20 is valid till August 2014. However, I want to apply for a visa when I visit India in January 2013. My question is-- can I apply for a visa within 6 months of its expiration? If I'm denied a visa in January, would my existing visa be cancelled even though it will be valid for another 6 months?
Thanks,
Sb

[kabkaba]

You should not take the risk of applying for Visa unnecessarily. Why do you want to do that?

F1 Visa application is always risky and previous Visas can be canceled at Consular officer's discretion. It is less risky if you have classes left to graduate and more risky if you are on OPT.