When the price tag for school in the U.S. is steep, studying abroad offers not only experiences of a lifetime, but for many students, financial relief. We aggregated tuition costs for 264 semester-long (~15 credit hour) study abroad programs administered by five of the largest program providers in the United States. The average cost (including tuition, room, and board) across programs was nearly $15K. When adding transportation and other living expenses, it’s cheaper for private and public / out-of-state students to study abroad in countries like Italy, France, and Spain than stay home for school. Students that enroll in accredited abroad programs can effectively achieve a form of “diploma arbitrage” by substituting U.S. university credits for lower cost credits earned abroad. When this reality is paired with generally manageable coursework and nights spent exploring a new city, the decision to study abroad is made easy for many students.