noun
A student who studies abroad for a fixed period under an exchange agreement between institutions.
来月、アメリカから交換留学生が来る。
An exchange student from the US is coming next month.
彼は高校のとき交換留学生として日本に行った。
He went to Japan as an exchange student when he was in high school.
留学生 is a general term for any international student, while 交換留学生 specifically refers to a student on an exchange program.
Compound of 交換 (exchange) + 留学生 (international student).