During a H1B, if you file the application say april 6 or 7 or later and the H1B cap is full within five days, Will you be able to file or not? To my understanding, if the caps get full beyond 85000, it goes to lottery system and anyone could get picked no matter who applied first or last.
Can anyone clarify this? Thanks

Ya i heard the same..

So far from what I've heard and read, if USCIS receives more than 85,000 application in first week of April which will surely happen, the applications filed within this period will be eligible for the lottery. So for this year,if USCIS receives your application within April 7, you would enter into the lottery system. Applications filed after this day will be returned along with all the fees.

Based on last two year's record, USCIS will definitely get more than allocated limit within first few days of April. USCIS typically gives first five business days (April 1 - 7 this year) to wait before they announce the cap has reached. So if that's the case, an application reaching USCIS on April 1 or April 7 will have same probability of getting selected. As hawachawa state, application reaching USCIS after April 7 will not enter the lottery and gets returned back.

last 2 statements are correct.
Also, I think this is correct too (to the best of my knowledge)...
If Master quota gets into lottery as well then all those non-selected master quota applications are then again mixed with bachelor quota for the lottery system.

You already have all the answers. Make sure your I-129 reaches uscis dallas by apr 1.

Also if you have masters degree you will be in lottery pool of 20000 masters quota. If not selected then you will compete for 65000 UG quota.

Make sure you review your i-129 yourself and see if they filed you as a grad student.

All the best bro!!

I talked to the lawyer and it has been clarified as you all have stated.
Thanks for taking time. We'll see what happens next.