One of the few things I wish I would have done differently in college is study abroad. I love to travel, & spent 2 weeks in Europe while I was in High School. I've always wanted to return.
I have had several friends study abroad- in France (Paris as well as the country), London, Hungary, Jamaica & Scotland. They all loved their experience. I know some of them struggled a bit with the foreign languages, but they managed (Most locals can speak a bit, and they practiced a
lot). In fact, one of them will graduate with his Masters Degree this December and he's done that totally abroad (between Paris & London).
I know that for most (maybe all?) of my friends, it was actually cheaper for them to spend the semester(s) abroad than to spend them in the states, even with airfare & such. These are from private U.S. college... a State school might be different?

But that might be an added bonus!
I know my GLO loved getting news from our members' abroad, too. So you won't lose touch w/ your sisters (assuming you're in a sorority?) or friends... especially with email & the 'net.
Basically.. I give it a big thumbs up.. I definately think you should take the opportunity!!