<p>Actually, at Smith, their own programs (which are all western Europe) are consistently money-losers and heavily subsidized, because of the intensity of the programs, which involve enrollment at local universities, their own center for intensive language and stylistics classes, homestays, and internships (which they pay for.)</p>
<p>From the student's point of view, programs are really of three types: language-based and intensive ones; language-dabbling ones; and those conducted in English. I really only know about the first type, which generally speaking require a minimum of two years of collegiate language study before you can do them, all classes are conducted in the language of the location, and usually involve a pledge not to use English as part of the program. These also offer chances for internships (the Smith program in Geneva sets up internships in the banking and U.N.-NGO sectors, all in French; and programs in early childhood ed., in Tuscany, in Italian), and are usually the only ones (relatively rarely) that you can take science courses at foreign universities (as in Hamilton's program in Paris). </p>
<p>I can't really weigh the money issue: in our case, the financial aid pays for virtually all of it (and she's pairing it with a paid internship in Italy the summer before, oddly enough, Third World NGO-related work.) And since I have been encouraging my d. to simply take a year off for virtually forever (and since she is already heavily world-traveled), for her, the study abroad/dabbling thing, or an experience conducted in English, wouldn't make any sense. We, luckily, knew that coming in, at admissions.</p>
<p>There are some pretty special experiences out there though, that do involve the college's own faculty. Earlham has a lot of them, ranging from its Border Studies program in the southwest, to its Vienna choral program, to its rather unique ecology/botany/cultural studies program in East Africa. </p>
<p>There are other programs that have special things to offer, even if not the intensity of language study/immersion. Whether they are worth the money is a good question. The IES program in Milan has music students at the Verdi Conservatory and backstage at LaScala, and there are several interesting archaelogy-related programs in Rome (I think Duke has one.) I've always thought the Williams-in-Oxford program was pretty cool, too, though, surprisingly, the students live by themselves and not with other English students (or at least they used to, unless that has changed.)</p>
<p>Frankly, I think virtually any experience that gets a student out of his/her comfort zone is a good thing - but to make a judgment about what that would be you have to know the individual student. ;)</p>