THE STUDY FOCUSES ON THREE MAJOR AREAS OF CONCERN: RECIDIVISM, DIFFERENTIAL TREATMENT EFFECTS AND FINANCIAL BENEFITS. IN TERMS OF RECIDIVISM, THE FELLOWSHIP IS A POSITIVE CORRECTIONAL PROGRAM, EFFECTIVELY REDUCING RECIDIVISM FOR PROGRAM REGULARS. IN TERMS OF DIFFERENTIAL TREATMENT EFFECTS, THE PROGRAM IS MOST SUCCESSFUL WITH THE FOLLOWING GROUPS: BLACKS, THOSE MARRIED OR PREVIOUSLY MARRIED, THOSE WITH PRIOR MILITARY SERVICE, THOSE 30 OR OLDER AT PRESENT INCARCERATION, AND PAROLEES. IT WAS CONCLUDED THAT THE FELLOWSHIP SIGNIFICANTLY REDUCES RECIDIVISM FOR PROGRAM REGULARS, IT HAS APPEAL AND IS EFFECTIVE WITH A WIDE VARIETY OF PRISONERS, AND FINALLY, THE FINANCIAL BENEFITS RESULTING FROM THE PROGRAM OPERATIONS ARE SUBSTANTIAL. (AUTHOR ABSTRACT MODIFIED)...KAP