There is a widespread assumption that study abroad develops skills that are marketable in an increasingly global market. Students at many institutions, including Old Dominion University (ODU), have undertaken study abroad mostly after their sophomore year, well after they have chosen a major. The profile of U.S. students studying abroad compiled by the Institute of International Education indicates that between 2000 and 2011, junior and senior students accounted for 54~61% of all students who studied abroad (including graduate students) (IIE, 2012). An investigation of the benefits of study abroad in terms of time to graduation is important also because participation in study abroad has opportunity costs. For students on financial aid through federal dollars (Pell Grants), time to degree is an important factor because there is a six-year eligibility limit on Pell Grants. Students from low and middle income households have to forego part or all of their summer earnings if they go abroad in the summer and also obtain extra funding for costs of travel and lodging. At many public universities, a semester-long study abroad program entails substantial extra costs in terms of airfare and lodging. The present study was designed to investigate whether semester-long study abroad has had a positive effect on degree attainment of undergraduate students at Old Dominion University and if so, to see if a time in a student's career when such participation would have an optimal impact could be identified.