Help! I am under and h1b status, want to pursue a Master. Can I keep my current HIb and study fulltime?

Answer 1

Short answer: No. You need a different visa - a study one.

A H1B status is for professional hires

Requirements for H-1B Status
(i) Must leave the United States when work is complete

An H-1 employee need not maintain a foreign residence.
The H-1B non-immigrant category requires an intent by the employer (the petitioner) and the employee (the beneficiary) that the placement by temporary. If either side fails to show this temporary intent, status will be denied. It is not necessary for the actual position to be temporary: employers need only demonstrate that the placement of the non-U.S. citizen in that position is to be temporary. Both the Immigration and Naturalization Service and the State Department recognize a concept known as "dual intent". You can simultaneously intend to do temporary work now and at some later date work permanently. An H-1 employee need not maintain a foreign residence.

Go here for more info: http://www.grasmick.com/prof.htm