An institution that offers high-quality study abroad programs is perceived as likely to provide a stimulating learning environment for the students (Stroud, 2010). However, there are very few well-designed evaluation studies that provide evidence about the types of impacts of study abroad programs on students' academic and non-academic outcomes. To fill this void in the literature, the present study aims to estimate, from an institutional perspective, the effect of study abroad experience on students' social, behavioral, and attitudinal outcomes with an emphasis on students' intercultural competence and adaptability using survey data of 1,330 college students who entered a northeastern mid-size comprehensive private university in the fall of 2006. This study not only advances the understanding of the nature of impacts of study abroad programs, but also addresses the need for innovative methods to address the selection bias, i.e., individual and institutional factors that influence students' intent to participate in the programs. Results from this study have important implications and show that the study abroad experience does have a positive impact on habits of mind, social self-concept, civic-awareness, and social agency involvement, but no impacts on academic outcomes. Tables are appended.