Chaging Work Visa to Student Visa - Need to Fly home?

I have been working as an English teacher for 2 years in Taiwan. I have an ARC through my work visa, which is sponsored by my employer.

I recently applied for a masters program in another city on the East Coast. This area is very rural and totally void of jobs for me.

My question: If after I finish my contract with my employer, do I need to fly back to my home country to then apply for a student visa?
If the school accepts me and I am already in Taiwan, can I get my work visa changed into a student visa without leaving the country?

I don’t know how this works.

Thanks for your help.