At teacher supply stores, they sell the thick paper that teachers use for bulletin boards.  Back in my RA days, I'd get that all the time for the bulletin boards in my hall & it comes in just about every possible color you can think of.  It's also really inexpensive... 'cause if it wasn't, then I would have used the crappy paper that the hall director made available to us 
 
That paper is really good for banners/signs.