H4 holders can get a Driver's license, open a Bank account, or even go to college. Children on H4 visas do not need a separate visa to attend school.
It is possible to convert H4 to "F1" if one wishes to attend full-time course work. This means, a minimum of twelve (12) credits per semester in an educational institution recognized by the INS.
Another option for those interested in continuing their education, is to attend community colleges. This way, one does not have to change visa status. These colleges only award the equivalent of a Diploma, instead of a Degree, but they often the serve the purpose at a lesser cost.
It is certainly possible to convert H4 to H1, if one can provide proof, that he / he is qualified, has had prior experience in his/her field of expertise, and have a job offer from a company in the United States.