Formal for us was not included in dues at all and was usually $70-4\$80 per ticket for the meal, DJ, favors, and it covered the awards and special gifts (for the president, etc). We are in NYC so things are normally super expensive around here.
We made sure that if someone couldn't cover it, they had someone who would chip in so they could go (big, lil etc). I don't think we ever had someone not show up because of price. We all were working while going to school and stuff as well so it's not like any of us had tons of spare cash to throw around.
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Sigma Delta Tau
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