Scholarship = bolsa de estudo

Fellowship = bolsa de estudo ao nível de pós-graduação

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Note added at 2004-09-14 04:39:55 (GMT)
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No seguimento da sugestão da Gabriela:

Bolsas de estudo / bolsas de estudo de pós-graduação

What is the Difference Between a Scholarship and a Fellowship, Anyway?

Scholarships and fellowships are very similar. They are both grants of money to help you get an education. The money can be paid directly to you, or to the institution, on your behalf.

-A scholarship is designed to help you pursue undergraduate or graduate studies at a college or other educational institution.
-A fellowship is designed to help you pursue your studies—or some form of research.

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Note added at 2 hrs 1 min (2004-09-14 02:44:39 GMT)
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Another definition confirming the first one:

Scholarships are generally given with the requirement that the student enroll in a particular course of study and may require certain outcomes. Fellowships, on the other hand, are generally given with less stipulations and are typically awarded based on prior qualifications and achievements. Some scholarships and fellowships do require a commitment of service after the award period. For example, NASA sometimes requires a student to work at a NASA center following graduation for a period of time in recompense for receiving the fellowship.
http://tiims.tamu.edu/grantopps.html

Uma bolsa de mérito, no valor de cinco salários mínimos, pagos numa só prestação, à qual não se concorre, que é independente da situação económica do aluno, sem exigir papeladas e entregue automaticamente aos alunos do ensino superior público cujo desempenho se destaca nas diversas faculdades.