Fel-low-ship - [ME felauship] companionship; friendly association.
It sure is! Some good news to share with my regulars (or anyone who cares, I'm in the shout-it-from-the-rooftops kind of mood). I just found out that I will receive a five-year fellowship to support my doctoral studies and research. Whoo hoo, not to mention thank goodness for that.
Now I guess I better do a good job, or something resembling one.