You qualify to change from J-1 Exchange Visitor to F-1 Student if it is determined by the university that you should change status because of loss of university funding and participation in the Exchange Visitor Program.
You will have the opportunity to apply for a change of status from J-1 to F-1 once you qualify for issuance of an I-20 from ISS. If you are subject to the 212e rule as a J-1, you will not be able to apply for a change of status in the U.S.; instead, you will need to schedule travel based on your visa interview appointment at the embassy serving your home region/country.
Changing status:
Within the U.S.: USCIS Form I-539
Outside of the U.S.: DS-160