I was on the bus yesterday and looked around at the "poor" college students all holding $700 phones, and thought it was crazy. It's amazing to me that the cell companies have so successfully convinced people to buy such expensive devices.
There are many options now, thankfully. Most MVNO's are in the same range ($40-60/month/user). I'd recommend getting a GSM MVNO, as it'll make it easier to move between plans if you want to change, and there's more phone variety. T-Mobile, as Ravynmagi said, is in the same price range as these options.*
If you're a low-usage person (especially minutes), consider Ting (a Sprint MVNO). They charge for what you use every month, rather than a fixed plan. Their customer service also has a particularly strong reputation.
*A note on T-Mobile: It's A LOT cheaper with 5 people than with just 1 or 2. Unlimited Talk/Text with 500MB 4G data is $40/person/month with two people, $22/person/month with 5. If you can swing a group of 4 or 5, T-Mobile becomes far cheaper than anything else.