, or , and by adding at the end the following new paragraph: (4) the grant is a post-graduation scholarship grant (as defined in section 117(b)(2)). . (d) Denial of double benefit Section 221(e) of such Code is amended by redesignating paragraphs (2) and (3) as paragraphs (3) and (4), respectively, and by inserting after paragraph (1) the following new paragraph: (2) Denial of double benefit in case of post-graduation scholarship grants Any interest which is paid as part of a post-graduation scholarship grant and excluded from gross income under section 117 shall not be taken into account under this section. . (e) Effective date The amendments made by this section shall apply with respect to taxable years beginning after the date of enactment of this Act.