in dilema to apply or not( 7 days left)

my student visa is expiring on 1st of November, 2011

and i finished my masters( results not officially released, only given provisional grades, final grades on 7th of November), but my university is saying they will provide me letter addressing this issue( passed subjects ,waiting to announce on 7th, and graduating on 20th of November), but adviser of international affairs (student visa adviser) is asking not to apply for visa as i have only 50% chance of getting visa and 50% chance of getting rejected,

please guide me as i am running out of time

you can only apply once you have been awarded your degree - i.e. when results are officially announced. If you are not awarded before your leave expires you should return home and apply from there.

applying from home is definitely safest thing to do.

if you become overstayer, your future app regarding ILR will be negatively affected.

on the other hand, if you are not too bothered about ilr, then you can apply,in country, as an overstayer (provided you dont overstay more than 28 days)

you wont get right to appeal the decision though if you are refused visa for whatever reason.