Generally speaking, most fellowships are scholarships also, but all scholarships may not be fellowships. Some of the finer differences between the two may be as follows -
1. Fellowships generally require some work to be done in lieu of the same e.g. assistance in teaching as a teaching assistant (TA) or assistance in research as a research assistant (RA).
2. Most fellowships are not based on need. They are usually based on the merit of the recipient like skill, GPA, outstanding academic achievements or distinctions. The scholarships are generally need-based and offered on making an application for the same.
3. Fellowships are generally awarded according to a timeline within which the work has to be completed and paid in increments as a monthly stipend, unlike scholarships which are paid for meeting the educational expenses of certain course and often the amount is paid in one go.
4. Fellowships are generally awarded for pursuing higher studies like doctoral or masters program whereas the scholarships are paid at school or college level also.