Can an EB-5 investor living in the United States on F-1 status, who also has a pending I-485 application, extend their F-1 status and receive a new I-20 while the I-485 is pending? Is it advisable? Could doing so be problematic for the I-485 or any other future immigration benefit?
If anything, the F status is the one that would have the issue, being a nonimmigrant status while an IMMIGRANT petition (I-485) is pending. That still may not stop a school from issuing an I-20, but as a pending immigrant (perhaps even with an EAD?), you should discuss this with your school.
It is possible to maintain F-1 status and extend F-1 status while in the U.S. with an adjustment pending. It can be more challenging getting a new F-1 visa abroad, but if you have advance parole, then you do not need an F-1 visa to reenter the U.S. Holding an F-1 is favorable in case the adjustment is denied; then you will not be placed in removal proceedings.
A student is admitted to the U.S. for duration of status. You can simply stay enrolled in a full time program and continue getting I-20s, and you will be in status.
You have indicated your immigrant intent by filing I-485 and thus do not qualify for F-1 nonimmigrant visa. You should be able to attend school while in authorized stay thus obviating the need for F-1.
Probably will not work but from the school all you need is another I-20 if you have been maintaining student status.
