This document explores the feasibility of loans to support English adults engaging in lifelong learning. The following topics are considered: (1) the policy context (loans in higher education, individual learning accounts, and education maintenance allowances); (2) the need for financial support; (3) attitudes toward loans; (3) financial advice, financial literacy, and knowledge about the impact of debt; (4) the returns on investment in academic and vocational learning; and (5) the costs of participation. The following conclusions are reached: (1) it seems unlikely that loans will have any role in supporting students under the age of 19; (2) it is doubtful whether loans should play a significant role in supporting learners to access programs below level 3; (3) for programs at level 3 or above, the evidence about returns on investment suggests that borrowing to finance learning could be to an individual's benefit; (4) current fees in public sector part-time courses are well below the rate at which potential students seem to look to formal loan arrangements; and (5) loans would be most likely to contribute to lifelong learning in circumstances where a combination of fees and other participation costs is substantial and the program offers the prospect of high returns to students. (MN)