Here is the Scenario: I am currently in F1 and will graduate in Summer next year. I will be eligible for OPT that will let me work till summer of 2017. Here is my question: If I apply for TPS and EAD through TPS (I will keep continuing my studies also concurrently), What will happen once I graduate? Can I cancel my EAD through TPS and apply for OPT? Since TPS is only guaranteed till Dec 2016, what should I do? If I do not apply for TPS and just graduate, I will not have to worry about status till summer of 2017. Any suggestions?

If You apply for OPT EAD, the previous one will automatically cancels. And you have to mention this on you OPT application packet, explaining you were previously granted EAD, and definitely sending a copy of it, along with I-765 (for OPT)

Esmen,

Thank you for your response. I had a full time job, then I was not selected for lottery for H1b. Instead of applying for CPT, I just quit that job and went back to school. I think it will be best for me to apply for TPS and keep working and once I graduate I will keep the OPT instead of TPS EAD.