One of the best investments you can make in your education is studying abroad. Globalization has changed the way the world works, and study abroad is crucial for preparing students to enter the 21st century workforce, according to Daniel Obst, deputy vice president of the Institute of International Education (IIE), which focuses on advancing international education and access to education worldwide.

Data collected for an IIE briefing paper backs up Obst's point. Two hundred senior-level U.S. and international business leaders reported that most of their HR departments took into consideration their recruits' international experience when hiring, promoting and determining a new assignment. Thirty percent even did so when deciding on a starting salary.

Spain is one of the most popular study abroad destinations for U.S. students. According to IIE's data, 9% of all U.S. students abroad are studying in Spain. Because of its enormous popularity, Spain offers an impressive number of choices for where, when and what to study. IIEPassport lists more than 900 choices: programs sponsored by universities, consortiums of academic institutions and study abroad organizations, plus direct enrollment and student exchange possibilities. For help in making an informed decision about what experience is best for you, check out the field's bible, "A Student Guide to Study Abroad," published by IIE and the American Institute for Foreign Study (AIFS).

How much will study in Spain cost?

Sponsored programs have varying price tags. We've chosen, as a representative example, AIFS's study program in Barcelona at the Universitat Autònoma de Barcelona, which is offered both for fall and spring semesters and for a full academic year. The cost for one semester in 2015–2016 is $11,795. Cost includes tuition, housing, some meals (if a homestay housing option is chosen), excursions and cultural activities, day trips and the on-site services of a resident director. Optional airfare packages are available. Independent study may cost less than a sponsored program but will involve much, much more footwork.

Can I get financial aid?

U.S. universities and colleges are required by federal law to continue giving federal funds to students who participate in approved study abroad programs. Discuss with your own financial aid office whether the specific aid you are receiving from your school will be transferable. Pay careful attention to deadlines. For more on financing your study abroad, read How to Finance Your Studies Abroad. And IIEPassport's Study Abroad Funding has information on scholarships and grants.

Of special interest is the Benjamin A. Gilman International Scholarship Program, sponsored by the U.S. Department of State, which gives priority to students who have been traditionally underrepresented in education abroad. Check also with the study abroad program you choose; it most likely has its own financial aid arrangements.

What about living expenses?

Living in Spain is generally cheaper than in the United States. To compare the cost of living in Barcelona and other Spanish cities, with the cost of some U.S. cities, consult Expatistan or Numbeo. According to Expatistan, for instance, living in Barcelona or Madrid is about 40% cheaper than living in New York City; Seville is 50% cheaper.

A few quick savings tips: Live like a local – avoid tourist-y spots – and get advice about travel and just about anything else from local Spanish students. Take along a credit card that won't charge you foreign transaction fees and, wherever you go, show your university ID card and ask for a student discount. Student discounts are more common in Spain than in the U.S.

How about the nitty-gritty on what I'll actually have to spend?

To give you some idea of how to budget for your study experience in Spain, here are costs for some typical necessities – and a few luxuries – in Barcelona.

[Prices are current as of December 2014, when the U.S. dollar was worth about .80 euros.]

Visas: To study 90 days or fewer, no visa is required. For anything longer, you'll need to apply to the Spanish consulate nearest you. The fee for a student visa is $160 for U.S. citizens, $82 for other nationalities. There's a considerable amount of paperwork required, and it takes two to four weeks for processing. (This will be done for you by your program sponsor if that's how you choose to go.)

Airfare from U.S.: Figure on $700 to $900, for the round-trip to Barcelona. For bargains, check on flight search engines like Kayak or eDreams, or the student-oriented STA Travel. Remember that the tradeoff for a cheaper flight is that you probably will not be able to make changes or get refunds.

Flights within Europe: Many low cost carriers connect Spanish cities with other places in Europe and beyond: Ryanair, EasyJet, Vueling, Transavia and others. Flying Barcelona to Paris with Vueling in January will cost $49–$210, depending on the time and day of week you travel.

Housing: The best option is a short-term apartment rental, and there are lots of Spanish-based companies that can help you find one. Expect to pay about $980 to $1,400 per month for an apartment; clearly, sharing with a roommate is a good idea. Homestays are what most sponsored programs offer, but unless you have a personal connection, it's doubtful you'll be able to arrange one of these on your own.

Books: Not a worry: Most professors use online articles or downloadable handouts so no actual books are needed.

Dinner splurge: This might set you back about $50, but for a special occasion, why not? A few places where the expense is worth it are Senyor Parellada, Marina Moncho's (by the beach) and Ciudad Condal.

A glass of wine to go with your tapas: $3–$4.50

Café con leche at a café with wireless access: $2

Local newspapers: "La Vanguardia" and "El País" newspapers cost about $1.60 during the week and $3 on Sundays. Check out the free morning paper, "20 Minutos," given out at metro stops and street corners.

Mobile phones: When you get to Barcelona, buy an inexpensive phone for about $30 and get a pay-as-you-go SIM card. Minutes cost about 18 cents to connect and about 12 cents after that. Text messages are about 18 cents each. Since many phone companies offer the Spanish version of what we call the friends-and-family plan, buy your SIM card together with friends. Some of the most popular cellular companies in Spain are Movistar, Vodafone and Orange with lower-cost options, Yoigo, Lebara and Happy Móvil.

Opera and film tickets: For students, opera tickets at Barcelona's Gran Teatre del Liceu start as low as $15. A full price ticket to a film is usually $10 but many theaters have half-price specials one day a week.

Getting around: There are four economical choices for bus and metro fare cards in Barcelona: 10 rides (about $13); 50 rides for 30 days (about $52); 30-day unlimited rides (about $65) and 90-day unlimited rides (about $130).

Barcelona/Madrid train trip: A 2.5 hour ride on a high-speed train costs about $45 each way.

A swim in a public pool: About $7, but there's always a dip in the Mediterranean for free.

A bottle of red wine: Bodega Torres is a good, inexpensive Spanish label; a bottle of its Sangre de Toro will cost just under $10. Buying a bottle of wine in a restaurant will cost than three times as much. Some local cheese to go with your wine will cost about $10 to $30 a kilo (2.2 pounds).

Jeans and a leather jacket: Budget about $40 for jeans at Spanish clothing retailer Zara, and about $100 for a leather jacket.

A haircut: At an inexpensive chain, $10 for men, $20 for women; at a more upscale salon, $50 and up.

The Bottom Line

Study abroad isn't cheap but the investment in your own personal development and career marketability later on will make it well worth the price. Make the most of your study abroad experience by planning wisely – with the help of books like "A Student Guide to Study Abroad," your international study advisors on campus and the students at your school who have just returned from a stint studying in Spain.