Is it possible to change from H1b to F1 visa

My max period of 6 years for the H1b has a missing days of 90 and I could apply an extension for that 90 days and want to change my status to F1 after 90 days. But in order to do that, I have to file the F1 visa while the H1b extension might be still in processing. Is it fine if the both H1b and F1 are processing in parallel?
You help is appreciated.

Thanks and Regards,

You can file as many applications as you want but each one will add a layer of complexity.

Its always better to file just one.