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I think it may come down to what state or even what city you'd like to study in for 4 years, as well as your budget for tuition and the grades you got in high school (or whatever the equivalent is over there). Keep in mind that the Ivy League schools (like Harvard, Yale, Brown, etc - Ivy League - Wikipedia), although they have outstanding programs in business and such, tend to have very high tuition prices, and stricter guidelines for admittance.
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Although it may sound contrarian, generally speaking it's cheaper to go to school & live in red states. Further, considering the fiscal situation on a national level, and the fiscal divide between traditionally red & blue states.... these differences are likely to heighten.
However, true to stereotype, most college towns - even in red states like Tennessee - tend to be quite liberal. Whether Lawrence in Kansas, Austin in Texas, Atlanta in Georgia or Nashville in Tennessee - all blue towns in red states, all cheap to live in, and all fun. Well, Lawrence is full of hippie run off from Kansas City, but no town in perfect.
But, yeah, my general advice when looking for a place that is cheap & has loads of culture: blue city in a red state.
edit: if you're curious, I attended schools in the following cities: Aberdeen, South Dakota - Chicago, Illinois - Kansas City, Missouri - Billings, Montana. My rent in Chicago was $750 (splitting an apartment, mind you), whereas everywhere else it was around $300-200 to split a place & $500 for a 1 bedroom.