Yes, FELLOWSHIP is a Scrabble word!

Letter values in Scrabble US: F 4, E 1, L 1, L 1, O 1, W 4, S 1, H 4, I 1, P 3.

Is it a valid word?

FELLOWSHIP is a valid word in the official Scrabble dictionary (US), the UK Scrabble Dictionary and Words with Friends (ENABLE).

an association of people who share common beliefs or activities
the state of being with someone
money granted (by a university or foundation or other agency) for advanced study or research