I moved to Cheltenham 3 years ago because I got a job there, my main consideration was a good secondary school as dd was in Year 6 and needed a good feeder.
You either have really good schools in Cheltenham or crappy ones - the good ones are Cleeve School, Cheltenham Bournside, Balcarras and Pates Grammar (selective). I moved to Bishop's Cleeve (a large village 3 miles north of Cheltenham town) as it is significanlty cheaper than Cheltenham itself, that feeds into Cleeve School (very good, my dd goes there) and good primaries as well (Bishop's Cleeve Primary, Woodmancote and Grangefield).
Bournside catchment area is Hatherley/Lansdowne area of Cheltenham, and catchement for Balcarras is Leckhampton/Charlton Kings, however I could not afford to live there (SIL lives in Leckhampton in a very ordinary 70s 3 bed semi, just valued at £340K). Leckhampton Junior School the best for results and best reputation in Cheltenham imo.
Prestbury is a village just outside as well, however prices will be very high I expect (feeds into Cleeve School). Cheaper areas for houses in Cheltenham itself are Springbank, Fiddlers Green (these are near Hesters Way as mentioned above) but these will feed into less good schools (Christs College is the senior school). Also, Whaddon/Priors Park area cheaper for houses, however that would feed into Pittville which I wouldn't recommend.
Churchdown is between Chektenham and Gloucester, a large village with loads of schools, this may be worth a look as I know the houses are cheaper. Also, Tewkesbury (next junction up from Cheltenham on the motorway) is significantly cheaper, schools aren't bad.
It is a very nice place to live, lovely shopping and you are very near the open countryside. I would recommend it.
HTH - if you have any other questions feel free!