Study abroad was one of the most amazing experiences of my life.
I studied in Angers, France and Grenoble, France. I took out a loan to do so and will be paying for it dearly and I don't even care because it was worth every penny!
It's admittedly hard at times being away from home, friends, familiarity really... but you learn a ton about yourself and the world (it sounds tacky, but I mean it) and how you fit into it. Studying in an English-speaking country will make it a little easier too. Flying and traveling can be obnoxious, but they're worthwhile grievances. :) I don't recommend getting drunk for the flight, but do pack a few books that you can sell or donate or whatever when you get there (packing can be difficult with international weight restrictions on baggage and whatnot). I also recommend you keep a journal while abroad - you'll be grateful you did later.
A very good friend of mine did study abroad in Bathurst, Australia and LOVED it. He did that junior year and we both just graduated and he's in Australia right now visiting the friends he made while studying there. :) He loved the friendliness of the people and the warm, inviting culture.
It sounds like you're ready - money saved, passport... all that's left is the ticket. :) Go for it! No regrets!!! :D