Tier 1 (Post Study) will launch this summer, and will replace three existing work schemes (International Graduates Scheme, Science and Engineering Graduates Scheme, Fresh Talent: Working in Scotland Scheme).
Under Tier 1 (Post Study), a student who has completed a UK undergrad or postgrad degree, or another UK postgrad qualification, can apply to stay and work (or come back and work) in the UK for 2 years.
As a student adviser, I am finding that there is plenty of misinformation, gossip and anxiety among students about the launch date, requirements, etc. of the new scheme. So if you are thinking of joining it, do make sure you stay properly informed, and do not get caught up in the gossip! FYI, for students anticipating the new scheme, there is a Facebook group at
http://www.facebook.com/group.php?gid=28933947984 which has links to correct Home Office information.