hey i am a current honors fellow and you do not have to be invited to apply, you will be invited to the fellows weekend for interviews, essays, and meet and greets if your application is good enough. There you have the chance to earn a spot in next years cohort! I only applied for honors, but yes, you can apply for 2 (only can choose one if accepted to both). If you are accepted into the program you apply for, it is for a reason. My point being that the workload is heavy, but manageable. For the honors fellow, the classes we take are rather challenging and have high expectations, but they are with your cohort and foster amazing learning environments. It is also important to note that you have a cohort of 40 all going through the same thing and then the upperclassmen as well to support you through it. I have made so many friends in my program and the money is definitely a huge help. I would definitely recommend trying it and if it doesnt work out, that is ok too.