I feel like a dolt, but I can't figure out the phrasing of a "tuition fellowship" for $49K "which will be disbursed in equal installments each semester in which Sanford is your home institution/school and you are in good academic standing."
Does this mean $49K across two years, disbursed in four equal quarters? Or does it mean $49K each year? Obviously this will make a difference in planning/my decision!
Any insights from others?