Study abroad is the term given to a program, usually run through a university, which allows a student to live in a foreign country and attend a foreign university. In most cases, two universities have an arrangement which allows them to exchange students (hence the term 'exchange student') so that these students can learn about a foreign culture and broaden their horizons. The program usually grants credit for courses taken at the foreign institution and some also arrange for a work-study or internship agreement.
Study abroad programs come many shapes and sizes. The typical program one thinks of allows a student to spend a semester studying abroad, but some programs run for multiple semesters or up to a year. Some are geared solely around studying and attending a foreign university, while others emphasize internships or volunteer experiences. Programs also vary in how the student is supported, with some having a 'host family' situation, whereby the two students who are exchanged live at the other's respective house. Other programs simply provide a dorm or apartment for the student.