Peru punches absurdly above its weight. This is the country that gave the world Machu Picchu, ceviche and 3,000 kinds of potato, and as a student you get all of it on a fraction of a European budget. In one semester you can weave from the Pacific surf in Lima up to the Sacred Valley, into the Amazon, and across the surreal desert oases of the south. Few places offer that range.
Lima itself is an underrated capital: a sprawling, foggy, food-obsessed city with genuinely world-ranked restaurants and a laid-back beachy district in Barranco. The exchange scene is smaller than Europe's, which pushes you to make local friends and get your Spanish up to speed fast. Come for the culture and the adventure, not the polish.
