Tier 4 under the new points based system is for students.

The two categories under Tier 4 are child student which allows children between the ages of 4 and 16 to continue to come to UK to be educated at independent schools; and the general student category for all those wishing to come to the UK for their post -16 education.

Tier 4 under the Points Based system came into force from 31st March 2009.

Tier 4 student visa holders will be granted leave to enter the UK for the purposes of completing their course at a specific institution. The duration of the student visa will take into account the time needed to conclude affairs and attend graduation at the conclusion of the course. It will be possible to change from one course to another at the same establishment without needing to submit a new application, however changing your sponsor or obtaining a UK tier visa extension will require a new application at the Home Office.

When applying for entry clearance, you will be required to pass a points-based assessment and score 40 points in order to qualify for entry to study.

The 40 points are split as follows:

30 points for a Visa Letter issued by a licensed sponsor
10 points for maintenance (money to cover fees and living expenses)

The Visa Letter is the letter that you will receive from your education provider once you have paid your deposit. The letter will confirm your offer of a place at the institution, as well as including your personal details and course details. It will also include the details of the deposit amount you have paid and the documents that have been assessed in order to make your offer.

In the case of students, a licensed sponsor is an education provider who is registered with the UK Border Agency (UKBA). 

Maintenance describes the money you will need to show as available to cover your first year's tuition fees and monthly living expenses for your first 12 months in the UK. The UK Border Agency recognises that it is not reasonable for a person on a 3 or 4 year course to have all their funds in place before they come to the UK so it will accept the following as evidence of sufficient funds:

For students on courses of less than 12 months: sufficient funds to cover the full costs of their course fees plus £600 for each month of the course up to a maximum of 12 months. £800 in case you will be living in London to attend your course.
For students on courses which are more than 12 months: sufficient funds to pay the first year of fees only plus £5,400 to cover their first year in the UK. £9600 in case you will be living in London to attend your course.

Tier 4 of the new system is not intended as a route to settled status in the UK and does not provide the opportunity to apply for Indefinite Leave to Remain and will not lead to British naturalisation.