The New York Times' Diana Jean Schemo exposes just the tip of the iceberg of nefarious activities surrounding the world of study abroad. All students who have an interest in studying abroad must do almost as much homework into vetting programs as they did for vetting colleges to attend after high school.
As a former Study Abroad office employee and as a student who chose to work abroad and study abroad, my best advice is do your research early. Many colleges will only accept courses from "approved" partner universities. Still others will have their own satellite campuses run by their own faculty.
A major problem students run into is studying in the local language. If you know when you are applying to colleges that you will want to study in a foreign country in English rather than in the local language, it is important to ask admissions representatives and even Office of International Programs employees how many English-centric programs are available (FOR CREDIT) in non-English speaking countries.
Some schools (like NYU) have many such programs, while others (like Penn and Columbia) have relatively few. At the later type of college, students first must attain a proficiency in the foreign language before they can apply to study in a country (let's say Spain), then the must only take classes offered in the local language once they arrive (in this case, Spanish).
Ask questions early and you won't be disappointed later!