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This study examines the relationship between institutional classification, finances, and markers of prestige as they relate to students’ participation in study abroad. This study additionally identifies institutions whose students study abroad at higher or lower rates than would be expected, holding constant an array of institution and student population characteristics. Results suggest that, contrary to a study-abroad-as-prestige narrative, study abroad does not correlate with an array of financial and non-financial prestige markers in an expected way. Instead, results are consistent with an explanation that associates study abroad with institutional striving. Very little prior research addresses specifically institutional stratification of study abroad opportunity and this study fills this knowledge gap.