A fellow in its broadest sense is someone who is an equal or a comrade. When describing the term in relation to colleges the term refers to an incorporated (not in its legal sense) member of such a body of people.
However, not all such people actually hold the title of "fellow", and it is difficult to establish precise rules for application of the title. In the newer universities, research fellowships are nearly always temporary posts, awarded to people who have completed doctoral and postdoctoral studies. (Persons of lesser seniority are usually called research assistants, and academics with permanent salaries are more often called lecturers.)
In the older British universities many fellows have pastoral responsibilities for the students of their own colleges.
These fellowships are designed to enhance the racial and ethnic diversity of the biomedical, behavioral, and health services research labor force in the United States.
Fellowship awards are administered as described in the NIH Grants Policy Statement found at http://grants.nih.gov/grants/policy/policy.htm and the NRSA Guidelines for Individual Awards and Institutional Grants, available on the NIH Website at http://grants.nih.gov/training/nrsaguidelines/nrsa_toc.htm.
Fellowships made primarily for educational purposes are exempted from the PHS invention requirements.