Once again, wanted to know from some friends that if my OPT expires on May 24th, would I be able to get the I-20 for the fall session and maintain my gap legally. I have not heard about my H1B yet..Thanks much for your time..

Well, I think yes. You can still maintain your status as long as you can get I-20 within a grace period ( I believe its 60 days). Atleast it used to be like that if the rules have not changed.
It depends on where you are and everything..whether u want to go for grad school ( i assume ur opt was after undergrad.) or join some community college..u should work on that accordingly

Yes every student gets a grace period of 60 dayz! Do it bfore it runzz out1