Reinstatement Issue

[rishiextc]

I am on F1 visa and had completed my MBA degree but since my GPA was lower than required, I had to apply for Reinstatement I-20 so that I can take up one more subject and get graduated. I finally got graduated on 20 May 2011 but my reinstatement I-20 have not yet arrived and I am not able to file for OPT. Now my school Counselor told me that I am allowed to stay only til 19 July 2011. Now in such case what can I do to stay in US and not going back to India.

Can I stay in US till i receive my reinstated I-20?

Please help. I am in desperate need.