I'm nowhere near 20, and know only what I've read online about the Fellowship, but based on my life experience only, I would recommend you apply -- don't worry

I'm nowhere near 20, and know only what I've read online about the Fellowship, but based on my life experience only, I would recommend you apply -- don't worry about the rules as much as pitching yourself and opportunity. Advice worth what you paid for it! (And, good luck!)