The United States Citizenship and Immigration Services (USCIS) permit students who have violated their F-1 student status to apply for reinstatement. The decision to reinstate a student is based on the information provided by the applicant to USCIS during the reinstatement process. The process may take a few weeks to several months depending on the how complicated the case is. There is no guarantee that your application for reinstatement will be approved.
Reinstatement can be processed by traveling outside the United States with a new I-20 and attempting re-entry or by applying for reinstatement within the U.S. through USCIS. Both options have some level of risk involved and none guarantees approval.