In some cases, the money granted to the student has to be paid back, so this is basically a loan, but not in all cases. A fellowship can also involve an internship. The most common scholarship fellowship occurs on medical school, when the new becoming doctor works in the hospital as a resident. This is just like the scholarship, granted in special economical situations, but can also be an award or a form of preferential treatment.
A scholarship fellowship can be granted by associations or by individuals but also by institutions that can play the role of a donor for the student. In the case of the medical school, the fellowship can be granted by the college or by the related hospital institution.
Every one can have access to this type of financial support. Students with excellent grades or with a bad financial situation can both benefit from this type of support.
In the United States, the fellowship refers to the Medical School students that receive a training that lasts for more than one year. In this period, the new doctor acts only by the supervision of a full time doctor. When the fellowship is over, the doctor can act on its own without requiring the need of supervision from an experienced doctor. In other terms related, the basis of a fellowship program is the same, even though in some cases can only mean some awards granted to the student, such as money or medals and financial support.
But what fellowship does, is that it helps the student to continue the directions of his or her studies. By granting the materials that the student needs to operate in his area of expertise (like in a chef school, the student gets to really work in his area and see how the real job is being made) by fitting him or her into the job routine and by providing a better specialization in the area that the student wants to continue his or her education.
Some colleges and universities that produce students that require such needs can have programs for fellowships.