Change of status from H1B to F1

[h1btof1]

I am on H1b visa. I have an I-20 from university A. I have applied to university B and would prefer to go to university B if they offer me admission. However I won't know about university B's decision until mid of December. Can I apply for change of status from H1b to F1 with I-20 from university A, given that I already have it? If so, would I have a choice to go to university B if I get an I-20 and what will the steps required?

[kabkaba]

Best step would be to visit home country, wait for B's decision, get F1 visa and use it.