or a related entity of the granting organization. (B) Applicable education loan For purposes of subparagraph (A), 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 education expenses (as defined in section 221(d)(2)) of such individual. (C) Applicable community For purposes of subparagraph (A), the term applicable community means any area that has a bachelor’s degree attainment rate for the population that is below the state or national average for such population (as determined based on data collected by the Census Bureau). . (c) Amount not treated as taxable expenditure by private foundation Section 4945(g) of the Internal Revenue Code of 1986 is amended by striking or at the end of paragraph (2), by striking the period at the end of paragraph (3) and inserting , 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 the Internal Revenue Code of 1986 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) Regulatory authority Section 117 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (e) Regulations The Secretary shall prescribe such reporting requirements and regulations as may be necessary or appropriate to carry out subsection (a)(2). . (f) Reports (1) Secretary of Treasury Not later than 3 years after the date of the enactment of this Act, and periodically thereafter, the Secretary of the Treasury, or the Secretary’s delegate, shall submit to