This study investigated the factor structure of the Perceived Costs of Studying Abroad Instrument (PCoSAI), as adapted from the expectancy-value-cost model instrument, with exploratory factor analysis (EFA) from 1 independent sample of students enrolled in a College of Agricultural Sciences and Natural Resources (CASNR) at Oklahoma State University (OSU). The EFA sample of 381 students was assessed during an in-class recruitment event for international courses or experiences offered through the CASNR during the 2017 Fall semester. The participants included 113 male and 268 female students; 118 had previously traveled abroad at least once. The mean composite score for the sample varied from average to somewhat below average and evinced substantial differences among scores. A 4-factor solution was considered using principal axis factoring with a Promax rotation. Selected extraction criteria and parameter estimates supported the 4-factor PCoSAI explaining 81% of the variance. Cronbach's alpha scores for the four sub-scales ranged from .90 to .93. The study produced a usable instrument for determining incoming students' motivation to participate in study abroad experiences. Future research should employ a confirmatory factor analysis to confirm the factor structures.