The service my fraternity uses, and I would like to recommend, is
DotEasy
Its $0 for webspace, all you pay is the domain fee which is $25 and its free setup. So for $25 a year, you get your own domain, no banner ads, plus 100 Mb of disk space and 1 gb/transfer. I just think it'd be easy to budget out $2.10 or so a month for webspace. Plus the no banners make your GLO automatically look better, and the domain is a nicer added deal.