Fellowship
a foundation in an English university entitling the holder, who is called a fellow, to participate in the revenues of a certain college, and also conferring a right to rooms in the college, and certain other privileges, as to meals, etc. The annual pecuniary value of fellowship varies, and till of late years its tenable for life or till marriage. American colleges frequently have fellowships for their graduates, but the conditions of occupancy are not the same.
The pecuniary value of a fellowship in an American college varies from $250 to $800 per annum.