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Rice U has students pay for study abroad directly; those with F.A. get checks cut from Rice directly to the students -so "full-fare" parents can pay just the cost of the SA program, which is often cheaper than college.
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That's fairly typical (and Rice's administrative fee is lower than most.)
That system is the most advantageous for full-fare customers with plenty of discretionary cash to pay deposits, etc. However, it may be the least attractive for lower-income need based aid students and may tend to reduce the participation in study abroad programs by this group.
Like everything else in college finances, it really all boils down to individual circumstances.
The payment approach does tend to influence program choices. For example, Swarthmore's system encourages looking at pricier travel abroad options -- just like you would be more likely to order the lobster instead of salisbury steak from a fixed price restaurant menu. My daughter looked at one lower cost program that was considerably less expensive than a semester at her college. We kicked around the idea of her simply taking a semester off to do the program without transfering any credits.