In this paper we examine the semantic aspects of learning from both pedegogical and technological points of view. We suggest that if semantics are to fullfil their potential in the learning domain then a paradigm shift in perspective is necessry from information based content delivery to knowledge based, context-aware collaberative learning services. We propose a semantics driven knowledge life cycle that characterises the key phases in managing semantics and knowledge, and show how this can be applied to the learning domain.