A fellow of the Institute of Politics may run for Congress from New Hampshire's first district seat, now held by Rep. James Cleveland (R-N.H.)

Joseph Grandmaison said yesterday he is considering a try for the seat, but said he will make no decision on the race until his fellowship expires in May.

"It's just one of several possibilities I may pursue after the fellowship is over with. I still haven't made up my mind," Grandmaison said last night in a telephone interview from Manchester, N.H., where he was attending a Democratic Party fund-raiser.

Grandmaison said he has "discussed" his possible candidacy with Sen. John Durkin (D-N.H.), and other members of the state Democratic leadership.

Grandmaison also works on a freelance basis as a political commentator for WBZ Radio-TV in Boston, a job he said he will relinquish if he runs for Congress.

William Alber, news director of WBZ radio, said yesterday that he knew nothing of Grandmaison's possible candidacy, but "in the advent he becomes a candidate, obviously he will have to resign his job here."

Staffers in Cleveland's Washington office said yesterday Cleveland does not know who his opponent will be. "All we know is what we read in the newspapers. We've heard Grandmaison is a likely candidate," Lee Kidder, Cleveland's legislative assistant said.

Grandmaison came to the Institute of Politics after managing Gov. Michael S. Dukakis's successful gubernatorial campaign in 1974. He was also a staffer in Sen. George S. McGovern's (D-S.D.) 1972 presidential campaign.