Should I file an I-485 if my status in the U.S. will expire soon?

If you have plans to remain in the U.S. for the final stage of your lawful permanent resident processing, then it would be advisable for you to file the I-485 as soon as possible so that you can maintain lawful status after the I-20 expires. If you plan to stay abroad for the final processing, then you can opt to process at the consulate.

Unless visa is current for you based on your national origin, you cannot file an I-485 particularly if you are from one of those countries that visas chargeability are in retrogression, such as India, Vietnam and China. As a result, work with the international advisor of your school to ensure that your I-20 is current, which generally is issued for the duration of the study, otherwise, you may have to go back to your country to avoid being out of status.

The decision whether to apply to adjust or consular process depends on the facts. It ordinarily takes about four to six months from approval to obtain a final interview if not backlogged. If you can file an adjustment, this may take longer but at least you can stay and obtain work authorization after about four to six months. Processing abroad will likely be faster but filing an adjustment permits you to stay.

If you are in valid nonimmigrant status in the United States, your I-526 petition has been approved, and there is an immigrant visa number immediately available, i.e., your priority date is current, then you are eligible to file your Form I-485, Application to Adjust Status. You also have the option, if you selected the immigrant visa processing option on your Form I-526, to pursue immigrant visa processing at the U.S. embassy or consulate in your home country. If you selected the adjustment of status option and checked that box on your Form I-526, you will be required to file Form I-824 if you wish to change your mind and apply for the immigrant visa from your home country.

It depends on what you selected on the I-526. If you selected consular processing then either is an option; if you selected adjusting in the U.S. you need to file an I-824 to change processing locations.

The simple answer is that if you are in the U.S. in lawful nonimmigrant status, and your priority date is current, or the Chart B date is current and being accepted by USCIS, you can file an adjustment of status. The not-so-simple answer is you need to check with an immigration attorney who is familiar with your immigration history to make sure you have been maintaining status and that there is no other reason not to file an adjustment. Without knowing all the details, it is impossible to give you a safe yes or no.

What country were you born in? Is your quota number current now for your EB-5 case? If not, you cannot file the I-485. If it is current, by all means, file it now.

If a green card is available ("current"), then you can file an I-485 while you are still in lawful status.

That will depend if your priority date is current/available.