The Simple Dollar, an online group to help people save money and be financially sound, has named Conway the third most affordable college town in the United States.

"When you choose a college, you aren’t just picking a school, you’re picking a home for the next four years," said the news release.

Conway is known as the City of Colleges and boasts a wide variety of educational styles from a large public institution at University of Central Arkansas, a small close-knit liberal arts approach at Hendrix College, and a private theologically strong education at Central Baptist College.

The rating scale used by The Simple Dollar looked at a variety of sources and followed a rigorous research approach.

The group began by compiling a list of 100 towns and cities that had one or more colleges looking at ratings and reviews by Forbes, U.S. News and World Report, Kiplinger, and other sources.

After this, the group looked at cost of living, and average rent for a one-bedroom apartment.

The next step, measured an interesting set of data, the access of sporting events, theater production, and outdoor activities. Conway, located in the natural state, offers a wide variety of activities from outdoor experiences to community and professional theater productions.

Cities with a population over 200,000 were omitted from the list.

Conway was ranked one of the top schools on the Kiplinger list of "Best Values for a City," in 2011, "Best Cities for Young Professionals" by Forbes, and on of the "Cheapest Places to Live" in 2011, as well as "Top 10 Cheapest Cities in the Country," by Yahoo! In 2012.