USCIS announced on June 12, 2023 the following implemention timeline for applicants seeking a change of status to F-1, F-2, M-1, M-2, J-1, or J-2 nonimmigrant status: "Beginning June 13, USCIS will accept Form I-907 requests, filed via paper form or online, for applicants seeking a change of status to F-1, F-2, M-1, M-2, J-1, or J-2 status, who have a pending Form I-539, Application to Extend/Change Nonimmigrant Status. Beginning June 26, USCIS will accept Form I-907 requests, filed either via paper form or online, for applicants seeking a change of status to F-1, F-2, M-1, M-2, J-1, or J-2 status, when filed together with Form I-539."
Importantly, USCIS stated that the Form I-907 must be submitted in the same method as the related Form I-539. Thus, if Form I-539 was submitted as a paper filing, you must mail a paper Form I-907. If Form I-539 was submitted online, you must submit Form I-907 online.
The Premium Processing fee is $1,750 for change of status to F-1, F-2, M-1, M-2, J-1 or J-2, and the fees ensures a decision within 30 calendar days. The expedited process would be a noted change from the current range of regular processing timelines, 5 months to 13 months, that frequently challenge individuals seeking to transition to the student or exchange visitor categories within the U.S.
Note that Premium Processing is not available for individuals seeking an extension of stay in M-1 or M-2 status, and is not available to F-1 students seeking reinstatement.