Strange old student is diminutive figure (4)
I believe the answer is:
doll
'diminutive figure' is the definition.
'doll' can be an answer for 'figure' (thesaurus). I'm not certain of the 'diminutive' bit.
'strange old student' is the wordplay.
'strange' is an anagram indicator.
'student' becomes 'l' (as in L-plates for learner drivers).
'old' anagrammed gives 'dol'.
'dol'+'l'='DOLL'
'is' is the link.
Can you help me to learn more?
(Other definitions for doll that I've seen before include "Girl's toy" , "Toy model of person" , "Child's toy figure" , "Small replica of a person" , "Child's plaything" .)