Our school sells Jostens' rings, and they have a basic ring option that I thought looked pretty good. If memory serves, it was something like $79/silver $99/gold. You don't get complete control over the details. You get a stone in your school's colors (cut or smooth top), your mascot on one side, and I forget what on the other side. The "words" are your school mascot name (i.e., Tigers) and your graduation year. This price is low enough to compete with
Walmart.
Disclaimer: These are the girls' ring prices. I don't have boys, so I didn't 'specially pay attention to their prices.
They can offer these cheaper because they don't have to make them "custom" for everyone. They can turn them out faster. Since the majority of the students choose pretty much what I just described, it looks like a decent option to me.
Our oldest got her class ring for Christmas, and it was in the $250 range. I gave her the option of getting exactly the ring she wanted OR the basic-ring option and having the balance in cash. She chose the custom ring. Personally, I would've taken the basic + cash.
Also, be sure you read all the materials that come home with the ring order. The ring people were at our school for three days. If you "planned" your ring online and brought in a prepared print-out of exactly what you wanted, you got a free class-year hoodie AND $30 off your order. I can see why they do it: They have to compete with Walmart, and they need to take orders fast -- with our prepared print-out, our actual order took about 5 minutes. They just verified her ring size, and we were done.
Now the negative: Her ring was damaged when it arrived. It had a "nick" in the metal right by the stone -- very evident -- and they argued that nothing was wrong. Come on, I could see it without my glasses, and she was heartily disappointed. They
did make it right, but they fussed about it. I
wasn't pleased with the customer service. I was glad that I'd only made a deposit (didn't pay the whole thing up front); it gave me a little bit of leverage.