If the change of status is granted you will have a new status: F1. If its denied, you will not lose your B1/B2 unless you fail to depart. You can always enter again with your B1/B2.
If you apply for a change of status from a B visa to F-1, you can remain in the U.S. while your application is pending past the expiration of your I-94. However, if the application is denied you will have to immediately depart the United States and your B visa will be automatically cancelled. You will need to apply for a new visa in order to return to the United States. Similarly, if you depart while the change of status request is pending, you will abandon the application, though your visa will not be cancelled.
There are complex rules that must be followed when changing status from a visitor (B) to a student, including when you can start attending school. You should consult with an experienced immigration attorney to review your case and facilitate approval of the change of status application.
I agree with my colleagues.
(213) 394-4554 x0 Mr. Shusterman is a former INS Trial Attorney (1976-82) with over 35 years of immigration experience. His response to your question is general in nature, as not all the facts are known to him. You should retain an attorney experienced in immigration law to review all the facts in your case in order to receive advice specific to your case. Mr. Shusterman's statement above does not create an attorney/client relationship.
If the change of status is denied, you will be out of status as of the date your I-94 expires, and you will accrue unlawful presence from the date of USCIS' decision.
If you leave the US after applying for the change and before the decision, you will abandon the application.
J Charles Ferrari Eng & Nishimura 213.622.2255 The statement above is general in nature and does not constitute legal advice, as not all the facts are known. You should retain an attorney to review all the facts specific to your case in order to receive advise specific to your case. The statement above does not create an attorney/client relationship. Answers on Avvo can only be general ones, as specific answers would require knowledge of all the facts. As such, they may or may not apply to the question.