Extended study permit / First permit on other grounds?

[cyberbatman]

Greetings everyone!
I have a question regarding residence permit. My current situation looks like that: I have a type B two-year study permit which ends 01.08.2021. I received it based on my Master study right in 2019. Study right lasts for four years.
There is a possibility that I won’t be able to finish my master studies and graduate before the date mentioned above, but I definitely will be able to receive 45 ECTS during the current academic year 2020/2021.
I see two options in my situation:

1) To apply for extended permit on the basis of studies in May 2021.
Am I understand correctly, that I will be granted a permit in that case for a period August 2021-August 2022? Will I be able to stay in Finland until the end of this permit and look for a job if I will graduate earlier, then in August 2022?

2) To apply for the first Residence permit on the basis of intimate relationship with Finnish citizen as soon as possible (because expected processing time is up to 8 months)
I live in cohabitation with a Finnish citizen and I’m able to provide all the necessary documents.
In that case if the processing time will be shorter, and I receive this permit earlier then my current permit would end, what will happen to my current permit? What will happen to my current permit if this application would be declined? Will I be able to continue studying based on that new permit? Since when this new permit should start? Application date/issue date/or the 01/08/2021?
Thank you very much for your answer!

P.S. I won’t be able to apply for cohabitation permit even in August 2021 due to the insufficient amount of time together.

[FinlandGirl]

I have a question regarding residence permit. My current situation looks like that: I have a type B two-year study permit which ends 01.08.2021. I received it based on my Master study right in 2019. Study right lasts for four years.
There is a possibility that I won’t be able to finish my master studies and graduate before the date mentioned above, but I definitely will be able to receive 45 ECTS during the current academic year 2020/2021.
I see two options in my situation:

1) To apply for extended permit on the basis of studies in May 2021.
Am I understand correctly, that I will be granted a permit in that case for a period August 2021-August 2022? Will I be able to stay in Finland until the end of this permit and look for a job if I will graduate earlier, then in August 2022?

If you would graduate you would be eligible for a one year job-search residence permit, there is no need to worry that you would have to leave immediately after graduation.

2) To apply for the first Residence permit on the basis of intimate relationship with Finnish citizen as soon as possible (because expected processing time is up to 8 months)

Different from a student residence permit, the residence permit on other grounds would not grant you the right to work in Finland during or after your studies.

[cyberbatman]

If you would graduate you would be eligible for a one year job-search residence permit, there is no need to worry that you would have to leave immediately after graduation.

I know this, thank you, I'm asking about the situation when I won't be able to graduate before the end of my current permit which I consider to be "highly likely".

Different from a student residence permit, the residence permit on other grounds would not grant you the right to work in Finland during or after your studies.

I know this as well, so questions are remain the same:

In that case if the processing time will be shorter, and I receive this permit earlier then my current permit would end, what will happen to my current permit? What will happen to my current permit if this application would be declined? Will I be able to continue studying based on that new permit? Since when this new permit should start? Application date/issue date/or the 01/08/2021?