How can I apply for a direct EB-5 visa if I am already in the US on a student visa?

If you are not traveling internationally, this should work fine.

You may apply for EB-5 while being in the U.S. in F-1 status, especially if you do not intend to travel outside the U.S. on an F-1 visa. A conservative approach is to indicate consular processing in your I-526 petition and file sooner rather than later given the overall lengthy processing times for I-526 petitions. Currently, a lower investment threshold of $500,000 is still available but is expected to increase when the Regional Center program reauthorization may go through. When your I-526 petition is approved, then you may adjust to a green card holder status in the U.S.

You can file an EB-5 petition while you are in the U.S. in F-1 student visa status. The filing of the EB-5 petition will not have an effect on your ability to continue studying in the U.S. on your F-1 visa. Given the current lengthy processing times and the ability to still file a petition at the $500,000 minimum investment threshold, applying sooner rather than later has its benefits. The only issue to be aware of concerns applying for a new F-1 visa if yours is set to expire soon and you need to travel internationally. While there is a potential issue concerning the non-immigrant intent required for an F-1 visa application and the future immigrant intent that comes with an EB-5 petition, in my experience, U.S. consulates have the discretion to and will issue an F-1 visa so long as the individual has the present intent to pursue a legitimate program of study in the U.S. and is forthright concerning the pending EB-5 petition. If your F-1 visa is valid, you can continue to use the visa to travel and return to the U.S. while your EB-5 petition is pending so long as you are returning for valid F-1 purposes (study/work on OPT, etc).

If you are on a student visa and have valid F-1 status, and you file an EB-5, there is no risk. If traveling abroad is not important, there is no issue because filing an EB-5 petition takes at least three years presently, and there is Indian EB-5 visa retrogression, maybe longer so if you are thinking about applying for a green card; it makes sense to get your place in line now. When or if you leave the U.S. and if you need a new student visa, you do have to show you have no plan to adjust status to green card, and the law says that the consul should evaluate your student visa based on your present intent. The filing of an immigrant petition has not impacted most of my student clients as they have been able to get new student visas particularly because consulates do not like to interrupt students who are actively and successfully pursuing their studies. Filing a visa petition does not mean you will immigrate and those students who can show serious student intent have generally had no problems getting new student visas if they have to travel abroad, even if they have filed for an EB-5.

The best is to apply as soon as possible, then if you get approved, you can file to adjust your status.