I am a nepali student in f 1 status and its been 2 years i am here. can I apply for asylum and if it is denied can i be f1 again

The short answer is yes. However, there are a number issues you may want to consider before applying for asylum. Your best bet is to speak w/ an immigration attorney or maybe go to a nepalese organization is the boston area and they may lead you to the right direction.

Yes. You are still in status and therefore had no need to file for asylum earlier.Indeed, I would say you should apply for asylum while in status. If you are not granted by the asylum officer interviewing you, he will not put you in removal proceedings. Instead he will be issue you a Notice of Intent to Deny. You can reply to this which will then be reviewed by the Office Director. This is not just a formality. I have seen many cases granted this way. The One Year Bar should not be an obstacle as you had a valid reason not to apply as you were in status at that time and the situation in Nepal has been quite fluid. I do recommend you be represented by a lawyer if you plan to proceed. Asylum cases have a number of hidden obstacles that should be squarely addressed in your application. THe one year bar is but one.

Note - -if you are in F-1 status when you apply and are denied asylum you simply remain in status. This is why it is best to apply while in status. (I am not sure I made that clear enough in my first response.

Yes you can apply for asylum. I suggest you speak with and retain an immigration attorney before moving forward. My firm is experienced with Nepalese asylum petitions.