Switching from SEGS participant to student visa ?

[Swan]

Hi everyone
My application to the Science and Engineering Graduate Scheme (SEGS)was accepted and I have been granted a 12 month residence permit during which i should seek employment.
When my visa under this scheme expires (Feb 2007), I would have completed 8 years of stay in the UK (previous 7 years study +1 year under the scheme)
My question is: Can I switch to a student visa again during or at the end of the visa under this scheme in case i dont find a job?
I am just getting so close to the 10 years lawful stay (to apply for the ILR) and was wondering if any one could help with any advice or suggestions?
thanks in advance
Swan