The scheme, announced this week by deputy prime minister John Prescott, aims to help key workers in the south-east of England get on the housing ladder.
The Association of Colleges has expressed delight that the scheme is available to college lecturers who will be eligible for interest free home loans of up to pound;50,000.
But it has expressed dismay that senior management at colleges have been excluded from access to larger loans.
Ivor Jones, AOC director of employment policy, said: "We are disappointed that managers and leaders of the future are excluded from the housing support on offer to their counterparts in schools."
Kevin Finnigan, principal of Orpington college in Kent, said: "We will continue to lobby Government for FE to be included."