Happened to my friend 8 years ago. She had one semister left for her MBA (first tier full time B school) Her F1 was rejected at Shanghai 3 times after she went back due to a family emergency.
She then joined a well known multinational company in Shanghai and got a business trip invitation to US. However her B1 was denied, which had never happened to any employees from this company. I helped her obtain a "guarantee letter" from the company's head officer of Asia Pacific and arranged a US citizen (also held senior position within our company) to go with her to reapply the B1 visa. She got it (multiple entries).
She came back from the business trip (leaving good record), married to her BF and got her H4 visa to come back to US to finish her study. Now she is living a great life here, both job and personal life.