Need advice on study leave or resignation...will it hamper placements at college

I work at a service based MNC since 4 years. And currently have a convert for SCMHRD for BA. My company does have a study leave policy without sponsorship. But there may not be a change in salary or pay grade once I complete the mba and join back. I earn in single digit LPA. Also I have other calls, but the final results will mostly come by april end or may....so there might be a change in College. Will I be considered ineligible for placements since I am on study leave and have my previous job? Is it worth to keep my current job or better to resign and move on? Please advice

PS : if joining scmhrd, need to take a decision today or max tomorrow, for completing notice period and leave application