ACICS accreditation denial affecting international students

[tauqueernoor]

Hello Friends,
As most of you aware of ACICS accreditation denial from Dept. of Education that affects 800 + institution across US in which lot of international students get affected. I'm one of the master degree holder from ACICS accredited school & currently working on initial OPT of 12 month. My OPT will expire starting May first week and as of now I'm not eligible for 24 month STEM OPT extension as long as my school get another accrediting agency or govt. stay the denial of ACICS accreditation. So here, I've some doubts I want to clear;
1 - Am I eligible for 60 days grace period after OPT expiration.
2 - Prior to my OPT expiration date, how much days before I apply for an extension, as I want to apply as late as I can, my school may get another accrediting agency till that time.
3 - Am I eligible to apply H1B visa this year under masters Quota? If my H1B got picked, will I be applicable to take Cap-Gap.

I would greatly appreciate for your precious responses.

Thanks

[scientist2016]

Just to answer question 3: USCIS has stated that cancellation of accreditation is not retroactive i.e., if your school had an accreditation at the time of your graduation you should be fine. This has been discussed in several forums, so you may google it.