Yes, your wife is eligible to change her status from B-1/B2 to F-1. Assuming that the English school admits and issues your wife her an I-20 with respect her academic language program, the process normally takes less about 3 or 4 months.
Changing your wife to the F-2 is feasible but the problem is that she would not be eligible to engage in full time study which would delay her plan to improve her English and gain admission to a MBA program in a timely advance.
The F-2 dependent option is more feasible because she would only need to prove that she is married to you as a valid F-1 visa holder. However, with your wife's background and pedigree, it is unlikely that admission to the English school would be very difficult.
Please let me know if you have any additional questions.
we got married before she applied for her B-2 visa. Will that be a problem to change her status to F-2 now as she could have applied for F-2 at the first place instead of B-2 before coming to usa? Does changing from B-2 to F-2 usually takes same time as changing from B-2 to F-1?
One last but important question, in case she gets admission and applies for change of status from B-2 to F-1, while her application is still pending but her B-2 period of stay is expiring, can she stay or she has to leave if she doesnt get her status changed by that time?
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