I have lived in the U.S. For a year as an exchange student in high school. After coming back to my country, many close people noticed that I have changed.
Studying abroad has a lot of advantages. A person becomes more mature and independent. He can live his own way and manage his life without any outside help. Such student becomes more responsible and a great money manager.
Personally, I had to make balances and think wisely about my priorities before spending a dollar.
Being in a new country means a lot. A student will learn about the new culture he's living in (including the traditions, Food, and clothing...).
He has to make new friends to avoid loneliness. And he's going to be forced to speak the country's native language to communicate. Gradually, the student becomes fluent in that language, be it Chinese, French, English or Arabic...etc.
On the other hand, Studying abroad can also be disadvantageous!. To me, I payed much more money than I do in my country. I had extra expenses and the US was already more expensive than my home country.
In addition, most of the people who study abroad has to struggle to become a part of their communities. Making friends is not always easy especially when a student doesn't have an out-going personality. Adjustment takes time as well. This may cause a lot of home-sicknesses and culture shocks.
These are some of the cons and pros, but I think they are the most important ones. I encourage every body to take advantage of a chance of studying abroad. It's a great experience which will build your personality and give you strength for the rest of your life.