This chapter intends to describe some of the latest trends in student mobility in Latin America and the Caribbean as well as to analyze some of the region’s most innovative mobility programs, stressing the distinction between short-term and degree-seeking mobility. Degree-seeking mobility has been continuously expanded in the region during the last 40 years through national policies to train highly skilled human resources for national development as well as to strengthen research and innovation capacity. Short-term mobility is a more innovative and recent strategy that has been gaining importance in the past 15 years. To illustrate the regional situation, five short-term mobility programs are described and critically analyzed: Red Macro, Montevideo Group of Universities, Pacific Alliance, Science without Borders and FOBESII – Proyecta 100,000. While the Brazilian Science without Borders is the largest and most comprehensive national scholarship program in the region, the Pacific Alliance, Red Macro and Montevideo Group mobility programs are cases of good practices to further regional integration. FOBESII – Proyecta 100,000 has, on the other hand, room for improvement to become a more effective internationalization program.