Many higher education (HE) systems in the Global South have prioritised English language education (ELE), including in Colombia where English has become the dominant foreign language of HE. However, little is known about its effects on the lives of HE students from low-income backgrounds. Addressing this knowledge gap is critical to ensure that ELE in Colombian HE is relevant. The current study used the capability approach (CA) to identify the substantive freedoms which English can enlarge or constrain in the lives of economically vulnerable graduates in Colombia, and to identify factors which are instrumental in this process. The findings from this qualitative study show that English in Colombia can cultivate economic, sociocultural and epistemic capabilities. However, they also show how this capability expansion is also shaped by a range of conversion factors and individual agency.