Qualifications vary from university to university. Generally, you need to be in good academic standing. If the language of instruction is not English, you need to have your language skills assessed by an appropriate department on campus. You may study abroad in your sophomore, junior or senior years. Undersome circumstances, a second semester freshman may study abroad.
Sophomore year is an ideal time to consider going abroad for a semester.
You also buy books and may have some miscellaneous expenses from your host university. Of course, all of your personal expenses including travel while you re there, gifts and souvenirs, etc. must be considered as well. The Iowa Regents programs to Wales and Australia are priced a little differently, but are fairly equivalent in cost to attending an exchange university. As you can see, studying abroad can be quite affordable. A variety of financial aid is available.