Tamara

I want to start off by saying thanks to all the individuals for great support and advise on this website! I’ve been visiting it a great deal these last few days.
I have a very complicated situation, and I’m turning to you to see if you can help me.

I’m from Sweden, unmarried, and 33 years old.
My father (who is a US. Citizen) submitted a green card petition for me on December 2, 2003. I entered the USA on a F-1 visa in January 2003, and graduated from college in May 2005.
I went back to my home country over the summer, with the intention of coming back to the USA in the fall of 2005 to continue school.
After returning to the USA (as F1 student, on a travel signature), I transferred to another school, but my 1-20 form was never properly transferred with me.
My first school had earlier in the semester accepted my I-130 petition form as proof of being a "resident" in the school system, and they advised me to apply to the other school as a "resident."
Due to the school’s reasoning, I thought that this document gave me a “legal right” to be residing in the USA while waiting for the green card petition to be approved, and then later on file for adjustment. However I recently found out that this is not the case...and now I regret that I didn’t do my research!

I'm still in school, but has due to the above mentioned incident fallen out of status since May 2005.
My I-130 petition will soon be reviewed, but I'm concerned how immigrations will look at the next step in the process, as well as my current status in the USA (being illegal/ violation of status?) once it's time for me to adjust for status (I-485). And in my case, being out of status, I can’t adjust to permanent resident, correct?
I'm considering going back to my home country to apply for a new student visa. (I’ve been told that I won’t be re-instated to F1 due to the length of time I've been out of status already.)
I know this is very risky though. I’m wondering what my chances are to be issued a new student visa at home once they see a pending 1-130 petition?
And they will also probably hold my violation of status against me?

And then there’s the other side of the coin:
Should I stay in the USA until my visa priority date becomes current, and then file here/ or go back to my home country and apply from there?
According to calculations, it might be another 3 years until my priority date becomes available. What are my chances of being denied a green card/ barred to re-enter the USA if I’m staying out of status for that long?

Do you have any other suggestions?
I'm desperate right now- and I truly appreciate all the advise I can get in this matter!

Thank you so much,

All the best,
Tamara