I'm thinking of getting another rod/reel for pan fish and to try that ned rig setup that everyone is talking about.  Is there a quality rod/reel for that that I could get for $50 or less?  I don't know much about rods and reels, and I don't need anything special, but I don't want to use junk either

Berkley Lightning Shock rod. WalMart $40.00.

I just started fishing again after about 10 years off. I picked up a vortex spinning combo at gander mtn. Set me back $55. I can throw 1/16oz lures a long way with ease. I love it and recommend it to others.

I've been using the Shakespeare micro series for years and like it.  I have the 7ft light 2 piece rod.  It's an el-cheapo rod, but works well.  I broke the tip off my first one, can't remember how.  I've been buying $50-60 reels though.  I had used an Abu Garcia Cardinal 101 on it that lasted years until the bail fell apart.  I'm not sure how good the current Cardinal S or SX are.  I have the STX10 (for the aforementioned rod) and STX5 (for ice fishing so far) and like them.  I did have to put loctite on the handle screw though.  I just purchased a President, but that's over $50.

There are good inexpensive drop shot rods such as Shimano Sellus (SUSDX68M is the model I believe for $49) mated with a President 20 spinning reel is approx. $100 . Below that a Berkley Lightening (as suggested by another poster) plus a housebrand spinning reel from Academy Sports , Cabela's , etc. for around  and you will be well below $100 . If you can afford it - most Ned experts suggest 10lb. braid plus a 6lb. to 8lb. FC line leader or below that in cost a good co-poly 6lb. to 8lb. line from P-Line (CX, Fluoroclear) , Ande , Yozuri , etc. is suitable .

For what you are intending to do, I'd highly recommend the B n' M SHSS rod in 7' length. I've caught thousands of panfish on this rod, as well as LM bass, northern pike and walleye. It'll handle them all. These particular rods - the Sam's Super Sensitive - go for a tad less than $50.00. You will not be disappointed in the quality or customer service from B n' M.

I appreciate all the feed back!  I found an extra rod in the garage that my dad isn't using so I think that will work ok until I get done with college this december.  I just need to find an halfway decent reel.  

 

I have no knowledge of brands or quality etc.  I might just try to find something inexpensive on Ebay, (and then once I get a job next year I can worry about blowing all my money on a high end set up then lol).  What kind of gear ratio should I be looking for?  

My panfish rig is a 6ft med/light Berkley Lightning Rod, $40, my reel is A Shimano Sienna 1000, $30. Nice little rig for Rooster Tails, small jigs and such.

 

In the last few years, I've gotten more into UL fishing. It's great for those days when the bass aren't cooperating and you just want to feel something pulling on your line. Actually I catch a lot of bass that way too. Not very big ones, but on that rig they feel like it, lol.

Lews reels are my personal favorite. Something in the 2500 size would be perfect