Talk to foreign student advisor first at the UTA.
NYC EXPERIENCED IMMIGRATION ATTORNEYS www.myattorneyusa.com; email: firstname.lastname@example.org; Phone: (866) 456-8654; Fax: 212-964-0440; Cell: 212-202-0325. The information contained in this answer is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
You can file for a change of status, but you should be aware USCIS often does not look favorably on B-1 to F-1 changes. The international student advisor at UTA should be familiar with your situation and know the likely outcome of an I-539 application and how long it usually takes.
If your change of status gets denied and you have overstayed your I-94, then you will be accruing unlawful presence and should leave the country immediately. If you left immediately and also kept the denial notice, then you might be able to avoid cancellation of your B-1 visa.
The fastest and easiest way to be on F-1 status is to leave the US and apply for the F-1 visa abroad.
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.