I am currently on L1 B Individual (Feb 2004-Till Date) and thinking of applying to US Business School's MBA class for 2009.
I have two questions:-
1. Will there any issues in getting Student Visa just because I have been in US for last approx 4.5 year on L1 B Individual.
2. Will there be any issues in getting H1-B, if I decide to continue working in US after my studies.

I am currently on L1 B Individual (Feb 2004-Till Date) and thinking of applying to US Business School's MBA class for 2009.
I have two questions:-
1. Will there any issues in getting Student Visa just because I have been in US for last approx 4.5 year on L1 B Individual.
2. Will there be any issues in getting H1-B, if I decide to continue working in US after my studies.

You can change your status from L-1B to F-1, no problem but maybe not that easy to obtain H-1B after graduation because terms of employment based visas are combined. So when you already spent 4.5 years, you may not start at 1 again... you cannot exceed H-1B's 6 years limit.