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No. This is the last stage of the Green Card process. When you do Consular processing you make an appointment at the US embassy or consulate in your country, go do the interview and then you are granted the GC on the spot. Then you fly back. You don't need to fly back for years, it's only for the purpose of the interview at the consulate.
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US consulates have halted green card processing in 75 countries.
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IANAL. If you adjust status in the US you can also apply for AP/EAD if your original visa/legal status expires. You can't do that if you opt for consular processing.

Nothing new there, but under the new rules the former is no longer an option and you'd need to leave immediately. On the plus side consular processing tends to be cheaper and often faster (AOS and all the approvals vs the consular processing fee and a plane ticket).

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What is the typical wait time for appointments when going to consular processing route? My brief searches say anywhere from 2-9 months. 60-90 day NVC review phase, 60-120 day interview scheduling, and then 1-2 weeks once you have the interview. Are you saying that the 120-210 day wait time can happen while you're still in the US?
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Yes, the wait time is in the US. You just leave the country for the appointment.

All this FUD in this entire post is disheartening.

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For F-1/OPT there is no 'pending immigrant visa case' status that lets them remain in-country after OPT expires.
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A crazy number of people adjusting status, most notably DACA recipients, are adjusting in the USA (despite the much longer wait) because leaving the country may trigger a very long re-entry ban. This can be avoided through advance parole, but turns out, there are a limited number of things for which that's granted like employment and education and US consular visits don't appear to be on the list. So "just leaving the country" is a guarantee of your own banishment. In fact that's probably part of the reason why they picked this policy in the first place.
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