Think about the goals you are trying to accomplish while studying abroad, as these should be your first priority. There will be plenty of time to have fun wherever you go, so don't worry about that.
Remember that wherever you go, you'll be expected to speak at least some of the native language. If you are traveling abroad to study a particular language, it is best to look for programs in the country where your language of study is predominantly spoken.
Visualize your everyday activities when thinking about the best program for yourself. Then consider that you will do most of these things while speaking another language. Don't Panic. You will feel frustrated at first when attempting to communicate in a different tongue, so remember that a foreign language is easily picked up when you've immersed yourself in a different culture.
Browse programs that best suit your major field of study. The program you choose should offer courses that you need to complete your degree. So make sure that you choose a school with a reputable physics program if you are a physics major.
Go over your finances before you decide on a program. Don't worry if the program that you desire seems too expensive as you can always apply for financial aid and scour your college as well as the Internet for scholarships.
Consider a shorter term if your desired program is too expensive. A summer term will be less expensive than full semester or a year spent abroad.
Remember that you will need more money than you think. Students traveling abroad usually take the time to travel to other cities or countries as well. Some programs require that you travel to another city or region (especially if you are studying a foreign language). Consider these circumstances as well as the cost of room and board when budgeting for your program.
Research local banks where you want to study. Opening a local bank account could very well save you a lot of money, as your bank will more than likely charge fees for withdrawing money from foreign ATMs. Credit card companies will charge foreign transaction fees to purchases made overseas. These fees will outweigh any initial costs associated with opening a foreign bank account.
Save money by planning to stay in hostels while traveling abroad, as they cost much less than hotels. Don't discount the student discounts that can be enjoyed in most countries.