Princeton named best college in America by US News & World Report

Princeton University has been named as the best college in the United States by US News & World Report, followed by Harvard University and Yale University.

The magazine's annual list, published Tuesday, is based on selectivity, retention of students and graduation rates.

"The ivy-covered campus of Princeton University, a private institution, is located in the quiet town of Princeton, N.J.," according to the publication's national rankings. "Princeton was the first university to offer a 'no loan' policy to financially needy students, giving grants instead of loans to accepted students who need help paying tuition."

Columbia University grabbed the fourth spot, with Stanford University and the University of Chicago tying for fifth. A three-way tie for No. 7 gave Duke University, Massachusetts Institute of Technology and the University of Pennsylvania spots on the list.

California Institute of Technology and Dartmouth College tied for the 10th spot.

The Associated Press contributed to this report.

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