Leave without pay

Hi all, a C1 grade employee this side contemplating on availing a sabbatical.

So I took up the CMAT exam on May 15, results of which might be out anytime soon, post declaration of which i would have to attend an interview anywhere around 15-20th June for me to get admitted to any institute of my choice.

The results of my interview shall be out by the first week of July.

I have been unallocated since 31st May and have been reporting to the RMG. Now the thing is, i don't want to get into any project till my interviews are done and I get some clarity regarding my higher studies prospects while the RMG doesn't want me to stay on the bench for a month.

I discussed the situation with my HR and he suggested I use up my earned leave and go ahead with my interview and admission preparation and, if at all I am not able to secure an admission, i can report back to the HR and start looking for a project.

But then if at all i drop my plans of pursuing higher studies I lose out on all my earned leaves that i could have encashed along with the luxury to take a break from work if and when needed

What do you guys suggest i should do ?