The advice I have been given by SLPs in the field is that all programs are accredited thus you will receive a good education no matter where you are. The rest you will learn in the field.
In making my decision, I had to face the reality that I am financial limited but not geographically limited. So I took a statistical approach.
First, since my GPA and references are pretty good, I limited myself to the top 108 SLP programs according to US News and World report. I think you have to be honest about where you stand academically. This is a ridiculously competitive field so shoot for schools where your personal GPA fits the schools average GPA. (This information can be found on ASHA's EdFinder.) If your GPA is middling, chose schools that are not so highly ranked in the full knowlege that this will not prevent you from becoming a kickass SLP.
Second, I limited these schools to regions where the living wage for a single person was no greater than $9.50/hour. MIT has an easy to use living wage calculator that accounts for various household sizes. My motto is when the living wage is lower, the funding goes further! Having been a student who worked as many hours as possible to afford to be in school, I know that this divided focus really limits your educational opportunities and your academic success.
Third, I limited the remaining schools by the acceptance rate. (I went to ASHA's ed finder and divided the number of acceptances by the number of applications). For example, California schools tend to have an acceptance rate of 5-15%. That's really low. Also, for those of you on the west coast, you should note that there are a larger number of SLP programs on the east coast so these schools tend to be less competitive. I personally kept a few schools with low acceptance rates but I had personal connections to these programs, but made sure the rest of my options had high acceptance rates (~30%). Dream big, but have a backup plan.
Fourth, I narrowed the choice by personal preference and interest. Doest the school match my interests? (For me, this would be Aural Rehab and communication issues caused by TBI.) Would I feel comfortable living there? (As a gay woman, I don't want to live in Arkansas though I'm sure it is not a terrible place overall.) Could I afford to move to the location? (I allowed for one exception for a school where I already have a social network.)
This left me with a list of about 10 schools. I put a limit on how many programs I could afford to apply to (4-5) and chose from this list. This was a lot of work, but I felt very secure in my choices. So far, I have only be accepted into one program but it is a really good program so I feel like I am in a very good place. If anyone is interested, I can let you know how this whole experiment ends once I hear back from all my schools.