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Another cheap option but a more rustic look is to put barn wood style paneling on the ceiling and use pole barn screws to get the use of drop down ceilings, but with just screws. $162 to do my whole basement.

Using cheap cottage grade wood you can find at the local building supply store, you can create a barn faux finish looking ceiling using the really cheap wood...

from Remodelaholic

DIY Beadboard Ceiling To Replace a Basement Drop Ceiling

How To Install A Basement Beadboard Ceiling To Replace A Drop Ceiling | Tutorial from Provident Home Design on Remodelaholic.com