vary in amount and duration and are awarded on the basis of academic excellence, perceived talent or, in some cases, ethnic background, field of study, or financial need. They may be awarded as a one-time payment or as an annual stipend. As with grants, scholarships need not be paid back. Fellowships
are similar to scholarships in that they do not require repayment. They are awarded by private organizations, institutions or government agencies. (See Funding Research
for lists of such organizations.) They vary in amount and are typically designed to offset research or education costs. It’s not uncommon for a fellowship to take the form of a multiyear stipend with or without a tuition waiver. Fellowships are typically awarded based on merit or need.