Schools in England will receive £2.6bn extra next year under Chancellor Sajid Javid's spending plans.
This will be the first step towards reversing budget cuts and returning school funding to pre-austerity levels.
Schools rated as 'outstanding' by Ofsted will no longer be exempt from inspections.
Almost 300 schools have not been assessed for more than a decade as schools graded outstanding are exempt from routine re-inspection.
More than £28million in overpayments on student loans is being held by the government.
The Student Loans Company (SLC) found in a nine-year period, more than 500,000 former students in England overpaid on student loans, paying on average £600 more than they owed.