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I'm thinking about studying abroad in the US next year.
Literal
Next-year America [in-に] study-abroad-volitional-[question-か]-[quotative-と] thinking-is.
~(volitional)+か+と思う marks tentative deliberation: 'I'm thinking maybe I'll...'. The volitional+か gives the speaker's internal hedging ('should I?'), と frames it as the content of thought, and 思っています (full polite, not contracted) shows the deliberation is ongoing. 留学しよう is the volitional of 留学する ('study abroad').