; and (3) by adding at the end the following new paragraph: (2) is a post-graduation scholarship grant received by or paid on behalf of an individual. . (b) Post-Graduation scholarship grant Section 117(b) of such Code is amended by redesignating paragraph (2) as paragraph (3) and by inserting after paragraph (1) the following new paragraph: (2) Post-graduation scholarship grant (A) In general The term post-graduation scholarship grant means any grant program— (i) which is established by an organization which— (I) is described in section 501(c)(3) and exempt from tax under section 501(a), and (II) is either a private foundation (other than a private foundation established by an organization described in section 170(b)(1)(A)(ii) or an organization described in section 170(b)(1)(A)(iii) the principal purpose or function of which is the provision of medical education) or a community trust described in section 170(b)(1)(A)(vi), (ii) which requires a grantee to live and work in an applicable community, and (iii) under which, in accordance with the conditions of a grant, such organization repays any portion of an applicable education loan incurred by an individual. (B) Applicable community For purposes of subparagraph (A)(ii), the term applicable community means any area that— (i) is— (I) a low-income community (as determined under section 45D(e)), or (II) a county that has, during the 10-year period ending with the year in which the most recent census was conducted, a net out-migration of inhabitants from the county of the population of the county at the beginning of such period, and (ii) has a bachelor’s degree attainment rate for the population of 25-34 year-olds that is below the national average for such population (as determined based on data collected by the Census Bureau). (C) Applicable education loan For purposes of subparagraph (A)(iii), the term applicable education loan means, with respect to any individual, a qualified education loan (as defined in section 221(d)(1)) incurred to pay qualified higher