Study abroad is one of the best ways students can develop: greater independence, maturity, and self-confidence; the flexibility to adapt quickly and creatively to unexpected developments and changing circumstances; and the ability to interact effectively with people from a wide variety of cultural backgrounds. They also gain many other skills and experiences that will become invaluable to them throughout their lives, as well as to their employers as they enter the workforce. More and more, in our increasingly global economy, leaders in business, government, and academia are recognizing the importance of U.S. students gaining international experience, and becoming globally competent citizens and employees. Study abroad is not only fun and exciting- it is an excellent investment, both short-term and long-term, in your child’s future.
Source: (What Parents Need to Know! NAFSA: Association of International Educators, 2007)
If you want a broad overview of the questions you probably have, you should check out the Parent's Version of the Study Abroad Handbook. It covers lots of things like insurance, cell phones, packing and safety.