*frown* I usually make enough money to pay for the next four months, including my studies, accomodation, food, etc. However, I usually live at home when I work, meaning, I can save a lot of money because I get free lodging, free food, free laundry, free car, etc.
I guess I have to think of the opportunity cost. A term outside of Canada will look good on my co-op record and on my resume. If I spend all the money I make in the other country on living there, I will have to obtain money from my reserves in order to continue my studies. That might be worth it. The question is, do I want to spend money to be able to work there? Perhaps.
Is Scotland cheaper? Or Ireland? See, most likely if I go the work will be in London. Or at least one of the four major cities. As a student, not one wanting to buy a car or a house, how much can I expect to pay just to live without any luxuries then?
And, lastly, do I have to pay taxes if I am a foreigner?

I promise NOT to use welfare, claim unemployment benefits, sue your government because forms are not in Dutch, etc.
EDIT: I should also mention that I'm positively sure the employers usually offer to pay for something, whether that be the cost of moving there, or the cost of renting a room, etc. If that is so, think it will be more feasible?