Section 2400.44 - Commencement of graduate study(a) Fellows may commence study under their fellowships as early as the summer following the announcement of their award. Fellows are normally expected to commence study under their fellowships in the fall term of the academic year following the date on which their award is announced. However, as indicated in § 2400.61 , they may seek to postpone the commencement of fellowship study for up to one year under extenuating circumstances.(b) In determining the two- and five-year fellowship periods of Junior and Senior Fellows respectively, the Foundation will consider the commencement of the fellowship period to be the date on which each Fellow commences study under a fellowship.61 FR 46734, Sept. 5, 1996, as amended at 69 FR 11814 , Mar. 12, 2004