How does the approval of my I-526 affect my F-1 status?

Once you file for adjustment of status, you are a pending immigrant. You can continue studying, depending on the rules of your school. However, with the employment/travel card, you are free to work in the U.S.

Your F-1 status continues while you remain in school. The I-526 petition can be filed while you are maintaining your F-1 status. If the I-526 petition is approved while you are in legal F-1 status, then you can file your application for adjustment of status while you are in the U.S. You can legally withdraw from school and your application for adjustment will continue to be adjudicated.

If you have an employment authorization/advance parole combo card, it means you have applied for adjustment of status to that of a conditional permanent resident status and your I-485 Application is pending. This is not an immigration status, it is an authorized period of stay. Generally, you may quit maintaining F-1 status; however, it is highly recommended that you continue maintaining your underlying nonimmigrant status (F-1) until your I-485 is approved.

Even though you can quit schooling because of the approval of your I-526, it is advisable that you should not. At this point, as a new permanent resident, you can become an in-state student and enjoy all the benefits that your new status allows. Also, your new status as a permanent resident should open more doors to you in terms of re-classification, opportunity to compete for financial aid and, eventually, access to jobs which you would not have been entitled to as an F-1 student. Finally, bear in mind you are no longer under the F-1 visa and can proceed to other opportunities that the completion of your education can afford you from this point forward. Thanks.

Yes, you are still in F-1 visa status until it expires or your optional practical training expires. The fact that you have an approved EB-5 petition on Form I-526 does not give you any status until a visa number is available, and you apply for an adjustment of status and, simultaneously, for an Employment Authorization Document and Advanced Parole. You should not depart the U.S. unless you have obtained the Advanced Parole to be on the safe side. Should you depart, it may be difficult to renew your F-1 nonimmigrant student visa abroad or to be readmitted as a student on your F-1 visa, given the fact that all F-1 students must intend to return to a permanent residence abroad. If you have an approved 1-526 petition, it indicates an intent to remain in the United States.

I recommend maintaining F-1 (going to school) until you actually have the conditional green card in hand.

It is always advisable to maintain your current status until the adjustment application has been approved. Please note that, once you stop studying, you are technically giving up the F-1 status as you are not maintaining the study to keep that status. But, since your immigrant petition (I-526), which is a basis for your adjustment application, has been approved, if you wish to give up studying, you may do so and hope that you do not have any inadmissibility issue to deny AOS.

If you have applied for adjustment of status and the combo card is the EAD and AP, then you can quit your studies.

Not sure what you mean by combo card... If you mean EAD/Advance Parole was issued after filing for adjustment, then you are no longer subject to F-1 status and now can work, stay and study in the U.S. as well as travel abroad while your adjustment is pending under the EAD/AP.

You continue to maintain your F-1 status as long as you have a valid I-20 and you remain a full-time student (at least 12 weekly credit hours). It appears that you have an adjustment of status (Form I-485) pending because you mentioned that you have a combo card, which is an employment authorization document and advance parole travel permission combined in one card. To be eligible to file adjustment of status, you must demonstrate that you are in a valid nonimmigrant status, such as F-1. Although you do not necessarily need to maintain that status in order for your adjustment of status application to be approved, it is advisable to do so because without a valid nonimmigrant statusyou would become removable should your I-485 be denied for any reason. Since your I-485 is likely to be adjudicated in the next few months anyway (your priority date must be current to file for adjustment of status), it is recommended that you remain in valid F-1 student status until you receive your conditional lawful permanent resident status (Form I-485 approval).

If you have filed your adjustment and already have your combo card, then you are a pending permanent resident. That is not really valid status. The conservative view is to wait until your adjustment is approved before quitting school, however, one can cease F-1 status and cease attending school after the adjustment is filed. The advantage of keeping your F-1 is that, if your adjustment is denied for any reason, you may be able to revert back to F-1 status. But if there is no reason for the adjustment to be denied and you not one of the six nations subject to the travel ban, you may be able to stop studying at this time.