Consumers look for value in many purchases, whether it's buying a car, home, appliances or electronic equipment. But when it comes to applying to a college, many families seem to focus on name and location.

Pranali Trivedi's mother doesn't want her to go too far from her upstate New York home. However, "I've gotten a full ride from Michigan State, and Drexel University offered me $13,000," said Trivedi.

Cost is a real factor for almost everyone. But what if you can combine great academics, stimulating environment, and cost containment?

For the third year, Princeton Review has published its list of best value schools based on that combination. No. 1 on the list is Bates College in Lewiston, Maine.

"A little over $40,000, when you think about both tuition, as well as room and board and student fees, is so expensive," said Robert Franek of the Princeton Review. "However, the good part of that story, especially for Bates, is that average freshman aid packages total up to about $21,000 per student coming in as a first year. And again, that's not a loan that a student is forced to take out, that is grant aid given out from the university."

Nos. 7 and 8 on that list are Brooklyn and Queens College -- two CUNY's (City University of New York) right here in New York City.

In-state tuition is $4,000 a year. For non-residents, it's $8,600. There are no dormitories, so room and board are individual expenses. Incoming first-year students with minimum SAT scores of 1200 and a B+ average are offered full four-year scholarships.

Looking at best-value schools can be tricky for students and their families, because once a college or university has the distinction of being named a best value, some interesting things can happen.

Carol Eiseman, who is now putting her fourth child through college, said she has looked long and hard at best values.

"The best value hits -- Princeton Review, Newsweek, Coinsearch whatever -- all of a sudden that year, that college will inevitably get a 30-40 percent increase in applications," said Eisman. "So, the best-value school becomes now, a much more competitive school than what it was advanced as when they chose it as a best value."

The head of enrollment services at Brooklyn College, Bruce Neimeyer, told NewsChannel 4's Roseanne Colletti the same thing as many other best value schools we asked.

"The number of applications seems to have continued to grow since that initial rating," said Neimeyer. "Currently, we have been able to accommodate a good portion of students that have applied to the college. But yes, as more applicants apply, there is more competition for those spaces."

Best value schools do not have the cache of big name colleges and universities. And when families have to make hard choices, frequently name matters.

"When it really comes down to it, if it's the question between a first-tier school, or getting money from a second or third-tier school, almost invariably the family goes for the prestige name brand institution," said college consultant Carol Gill.

And in the case of Trivedi, being admitted to an eight-year medical program is priority one. Scholarship money is second.

"If she gets accepted into the Michigan State program that she's really interested in too, that would be great for me," said Trivedi's mother, Sonal.

Just in case you're wondering, Princeton Review's brand new list comes out next month.