thanks very much! It does indeed. So to sum up, as there is a little catch. We have two daughters and two visas. The older daughter has my wife under her and I am under the younger daughter. So we need to switch. The school will issue a letter saying that the older is graduating and state that my wife is now under the younger daughter. So the previous extension will be canceled and replaced with the new one under the younger daughter. Mine will be cancelled as well and switched to retirement based on the above. Sorry for the confusion just to make sure I have it right and gives me enough time to prepare everything.
From friends experiences, you can process your COE while you wait for your visa, and once it is released also the COE will be granted, apparently it does shorten the time a bit