1. Pros
1.1. Learning a Foreign Language
1.1.1. Living in a country will force you to learn the language of the country. Moreover studying requires better language knowledge than just living so you'll have to learn it eventually to be successful.
1.2. Gaining Rewarding Experiences
1.2.1. Living in another country means you will meet a lot of new things that could be beneficial for you after your graduation. Like money management , being responsible for your own problems.
1.3. Enlarging Your Perspective
1.3.1. We all are people but we all have different perspectives on life-situations - phenomenons. Even perspectives of the same nation differ from each other so there are even more of them you don't know in another country. New perspectives can help you improve your thinking skills. For example, a country can consider the pure democracy as a fundamental thing while another can have a different opinion.
2. What
2.1. Studying Abroad
3. Cons
3.1. Homesickness
3.1.1. When you study abroad you may not be able to go home often because of various reasons,like, expensive ticket prices , curriculum situations. This can make you pretty homesick.
3.2. High Costs
3.2.1. If you don't win a scholarship it can be highly expensive for you to study abroad. Especially beacuse of exchange differences. You need to consider this and make your calculations sufficiently.
3.3. Possibility of Bad Experiences
3.3.1. Although there will be great situations you also will face negative ones. Like bad room mates in the dorm or harrassment of racists. You must be prepared.