Sleep plays a crucial role in consolidating recently acquired memories and preparing the brain for learning new ones, but the relationship between these two processes is currently unclear. According to the prominent Active Systems Consolidation model, memory representations that are initially reliant on the hippocampus are redistributed to neocortex during sleep for long-term storage. An indirect assumption of this model is that sleep-associated memory processing paves the way for next-day learning by freeing up hippocampal encoding resources. In this review, we evaluate two central tenets of this 'resource reallocation hypothesis': (i) sleep-associated memory consolidation reduces hippocampal engagement during retrieval, and (ii) this reduction in hippocampal burden enhances the brain's capacity for new learning. We then describe recent work that has directly tested the relationship between sleep-associated memory processing and next-day learning. In the absence of clear evidence supporting the resource reallocation hypothesis, we consider alternative accounts in which efficient learning is not contingent on prior overnight memory processing, but rather that sleep-associated consolidation and post-sleep learning rely on overlapping or independent mechanisms. We conclude by outlining how future research can rigorously test the resource reallocation hypothesis.