The right way would be to get reinstated and then extend your status.
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I agree with my colleagues. You should first get reinstated and then extend your status. As you may know, you may not engage in a course of study until you have a valid F-1 status, which means have a valid status with SEVIS. As such, if you begin your course of study before being reinstated, this may actually appear as you violating the terms of the F-1 visa and be basis for denial.
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