Pell grants are not meant for all and there is no hesitation in stating that these type of grants are generally meant for those who are not yet graduated and have not yet joined the college for their graduation. As far as the loan is concerned, it becomes essential to make sure that, the loan amount is being paid back but keeps in mind that grants are a bit different. The applicant becomes free after the grant is being sanctioned. This means that the grant will not have to be paid back once it has been sanctioned. As far as the Pell grant is concerned, there is certain relation and undoubtedly, one will definitely find that these are generally meant for children and teens that are going to school and not to college.