What is the average daily cost of traveling Europe?

My friends and I are planning on traveling through parts of Europe after we graduate this spring. We go to the University of Maryland and they offer a package deal to travel Europe which costs $3500 (no airfare included) for 19 days through 8 countries, and covers out housing and travel costs and some food and... show more My friends and I are planning on traveling through parts of Europe after we graduate this spring. We go to the University of Maryland and they offer a package deal to travel Europe which costs $3500 (no airfare included) for 19 days through 8 countries, and covers out housing and travel costs and some food and entertainment costs.

Here is a link to the offer: http://umaa.umd.edu/Travel/2013/2013_images/essential.pdf

My questions is for those of you who are veterans of traveling Europe. Is this is a good deal? Or are we better off working things out on our own? I understand it will be more work for us to organize our own trip, but it is a sacrifice i am willing to make if the it allows for more freedom on our end while also being more economically flexible.

Thanks very much!
Update: We're college kids so inexpensive accommodations is the name of the game for us. Hostels, low end hotels and what not.

Thanks for all the feedback so far!
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