F1 or H4 status is the best for studying

Hello all,

I am from India and currently staying in New Jersey on H4 visa status. And I am planning to study in New York colleges - SVA or FIT (being a Fine Art student) for BFA/MFA

Since I am staying in New Jersey and applying in New York, I am not getting any resident benefits, correct?

Now, my confusion is, should I go for F1 status or use the current H4 status. Which can yield scholarships? What are the pros and cons

Regards,
Jitu