Going for a master's degree with 1yr of H1B left?

[grimm]

My 4th yr of H1B just started. My green card application is being prepared by my company, the last I heard from the company lawyer was "Job posting sent to employer". In Fall 2013, I want to start an MBA degree, completing it in 2015. After that, I will have only 1yr of H1B left.
Will there be problems w.r.t. the H1B after I graduate with an MBA degree and start work? I know the green card has to be applied at least one year before the H1B expires, so will I be able to work for only one year?

I already have one MS degree from the US, and I was employed on OPT for 1yr after graduating before I got an H1B.

Thanks for your help.

[shervin143]

You cannot get the 7th year extension unless the PERM (1st step in GC, also called as labor) is applied 365 days prior to the end of the 6th year (and it is either pending/approved) or filed later, but both PERM and I-140 gets approved before the end of the 6th year.

your employer can continue the GC process when you are doing your masters since GC is for future employment.