Once you graduate and get a job, you probably won't have the chance to spend three straight months traveling and experiencing new cultures. But a semester abroad gives you that — plus college credits. As a student you're eligible for discounts at places like hostels, restaurants, and museums, and once you're there, you can jump to neighboring countries (like from England to France) for much cheaper than you would coming and going from the U.S.

Check fastweb.com or your campus's office of student affairs for financial aid advice and scholarships geared toward students going abroad. The tuition is often the same as you'd pay in the U.S., plus your airfare to get there and back. You'll still have to buy books and supplies, and you're going to want dinero for traveling. So get a summer job before you go and sock away the dough — it'll help pay the extra costs.