<p>I have looked into this quite closely. I think, as with anything, it really depends on the program and who is running it. </p>
<p>Most of the programs run by commercial companies/organizations and not specific schools do look kind of weak to me, especially when you consider that you have no control over who else will also be a student or who will be your "teachers" while you are abroad. Those programs seem to have very few entrance requirements, basically anyone who can afford to go can go, and they are never very clear about who the teachers will be, at least from what I have been able to uncover. I get the sense that many of these programs are just an excuse to have fun rather than an academically rigorous program. There are, of course, some exceptions, but I would say these types of programs need to be vetted very, very carefully before spending money and time on them. One such program I recently looked at actually gave 3 credits to students for a class in "french food."</p>
<p>The best programs - and this is just my opinion - are those run by individual schools using their own faculty. At least then you have some quality control and there is usually an underlying focus to these programs. Second best would be programs run by other schools of a similar caliber to your school, but make sure to check where they usually pull students from and whether they have an admission requirement of some sort. Some of the school-run programs are absolutely amazing and I would not hesitate to send my daughter on one of them. (My personal favorite is St. Olaf's global semester, where you take classes in politics, economics, and history in different countries including Egypt, Korea, Europe, and elsewhere over the term).</p>
<p>The other option I would consider would be a direct exchange program, where you actually are an enrolled student at a foreign university. That can get a bit dicey in terms of credit transfer, financial aid, and so on, but could be a worthwhile experience IF the school has something specific to offer that you can't get at your home campus. For instance, the chance to study economics at the London School of Economics, or classics at Oxford, or Asian Studies at Waseda University in Tokyo.</p>
<p>So, I don't think there is a specific answer to your question, it all really depends on the program and your goals as to whether studying abroad is worth the investment of time and money. I did recently write about this on my college info. website, with some links to various programs, so you might want to check that information out and see if helps. It's too lengthy to repeat again here.</p>