I love to use BB cream, which is a kind of foundation mulitasker that is really popular in Asia! Prices vary -- some are very affordable and some are very expensive. But the affordable ones are not bad. I use BB cream everyday, almost exclusively, aside from one American foundation. If you are interested in some BB cream recommendations, let me know!
Otherwise, there are a lot of good drugstore options available!
For instance, right now I use Revlon Colorstay. It comes in two formulas -- one for dry skin and one for oily/combination skin. It stays on for a really long time! The bottle says 16hrs. I have tested at school+work it for about 13 hrs and it's amazing. You can get a really natural looking finish, especially when you use a dampened cosmetic sponge wedge to apply it. It's probably one of the pricier drugstore foundations available -- I got mine for about $13 for the bottle, but it seems like it will last a while, as you don't need to use a lot each time. It's also got buildable coverage, so if you happen to need more coverage sometime, you can get it with this foundation.
Aside from the dampened cosmetic sponge wedge, you can also apply it very nicely with a stippling brush or a stiff powder brush. I like the brushes from the e.l.f. studio line. They are only $3 each (and you can find them at Target) and they work very well. I don't suggest the $1 elf line for brushes (the white brushes), because they are very cheap quality. e.l.f's studio line brushes (the black brushes) are much, much better quality!
Another drugstore foundation I liked was the Maybelline Dream Smooth Mousse. It has a cream to powder finish, so it goes on really easily and gives a nice smooth finish. This foundation is somewhat cheaper, but you also get less. It's best applied with cosmetic sponge wedge, not a brush. You can also use your fingers in a pinch (but always use hand sanitzer first!)
I've heard a lot of good things about Rimmel Lasting Finish as well, but I haven't tried it myself.
I have oily/combination skin. Foundation to AVOID if you have this kind of skin is the Rimmel Stay Matte. Even though it's called "Stay Matte", it will just make your skin look super greasy after a few hours. NOT GOOD. Also, the N.Y.C Color powder foundation is utter crap.
Most foundations last longer and look better if you set them with a light dusting of loose powder. My favorite powders are from Korean companies (again, if you'd like more info, let me know), but I'm also liking the Sonia Kashuk loose powder from Target. It's not too expensive, $9, and it comes in different shades including translucent. I have one of the non-translucent shades, so that if I happen to tan a little and my foundation isn't a great match, I can tone down the difference a little with the powder.
Hope this helps!