It is much more different than in The Sims 2.
In The Sims 4, the term still continues while you are playing with another household. Once it ends, they'll wait for the player to return so they can re-enroll them (unless they're marked as unplayed). In The Sims 2, the semester timer would freeze until you return to the college household.
Also in The Sims 4, when enrolling your sim to the university, you don't have to move them out. They can stay at home and do their studies.
Like The Sims 3, The Sims 4 enrollment works differently. While in The Sims 2, only teens can enroll into college by using a phone (or a tool in the family bin) and moving there. It didn't cost anything to the family they left from. Once you move them into a lot, they'll become young adults and study in there. Once they graduate, drop out, or get expelled, they'll become adults, move out, and can never return to college.
In The Sims 4, sims must first send an application to universities in order to see which distinguished degrees they can get (which depends on their high school grade and skills). That interaction becomes avaliable once a teenager is near aging up. Once the results arrive, any young adult, adult, and elder sim can enroll in university by using their phone. You first choose the university, then a degree, then where your sim will live, and finally how will you pay the tuition. University can end with either dropping out or graduating (getting caught cheating or having bad grades will eventually get your sim suspended for some days). Sims who have dropped out or graduated can return to college (unless they already have all the degrees).
Also in The Sims 4, when a term ends, you don't have to reenroll immediately, though if you do make that choice, your sim will lose their scholarships.
Oh, and unlike in The Sims 3, sims age at university.