that's an absolute horrible budget for a laptop. Before school there were good deals to place some ok laptops in that price range, but since school's started I've not seen anything I'd recommend to someone I hate even for less than $400.
Maybe you'll get lucky, but you'll have to scour. Things to look for:
i3 processor, at least 3 GB memory (preferrably 4 since you'll be forced to use a 64-bit OS nowadays on new laptops). Won't see anything better than that in your price range, and even that will be on a discount. 14 inch will make it even harder to find.
Anyway, avoid HP/Compaq like the plague (now with a new reason since HP is planning on trying to sell their consumer PC business on top of the long-standing reason of HP making horrible laptops) as well as Acer's lower brands of Gateway and eMachine. I'd also say stay away from Acer entirely, but in your price range you'll have hard enough picking as it is (just don't be surprised when your acer laptop dies after 1.5-2 years)