Pick a city. Antigua (quaint and charming, but touristy) and Quetzaltenango (authentic, yet loud and large) are two of the most popular, but opportunities to study Spanish abound in other cities around Guatemala as well. This is where you'll spend most of your time, so make sure your locale suits your interests.
Pick a focus. Most schools specialize to stand apart; some emphasize volunteer opportunities, social justice, facilitating outdoor opportunities, etc. Learn how you can help the plight of indigenous Mayans seeking social equality or work to combat poverty in underfunded schools, for example.
Look at specific activities and opportunities. Want to hike volcanoes, join a Guatemalan recreational soccer team or lounge on the beach? Take a look on the schools' Web sites or e-mail the office to see which activities the school offers.
Search for blogs, or read message boards and forums, such as those on Xelapages.com or Guatemala365.com. Once you've narrowed your search down, it's far easier to weigh the pros and cons of individual schools, or reach out to bloggers who have stayed at a particular school.
Check the price, but leave it as your last consideration as most schools range from $100 to $200 per week, depending on season. Most are comparable, so wait until you've narrowed it down to two or three before letting price influence your decision.