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Jul 14, 2016 10:00 AM EDT

University of Virginia Ranked Third in MONEY Magazine's University Rankings

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The University of Virginia (UVA) was awarded third by a publication of Time Inc., MONEY Magazine, among United States' public universities.

MONEY Magazine rankings of the 2016 Best Colleges for Your Money awarded University of Virginia third among public universities. The university also placed ninth among all colleges and universities in United States including the private institutions. The publication cited the school's top-notch education which is offered by one of the country's universities who have the lowest total college costs, UVA Today reported.

There are 705 total number of schools evaluated by the magazine all of which offer four-year courses. The magazine based the rankings on educational quality, alumni success, career earnings, and affordability.

There are several factors which that affects the quality of education. The publication based on the school's instructor and peer quality, graduation rates, and value-added graduation rates. In terms of affordability, the ranking is also affected by different factors which includes student loan payment, loan default risk, net price of a degree, student loan repayment measures and affordability based of the school for low-income students.

University of Virginia's average annual cost of attendance in school year 2016-2017 for UVA students is the lowest among all institution that is in the top 100 list, that is, after need-based or merit-based financial aid, according to MONEY Magazine.

Furthermore, the rankings used several factors in determining the alumni success. The factors include graduates' earnings, federal financial aid recipients' earnings at each college. The analysis based on market value of the skills of the schools' alumni, career services and job meaning. UVA, as shown in the rankings, has an average earnings of $55,400 per alumnus within five years after graduation.

Among all universities in Virginia, UVA tops the list. Next is Virginia Tech which is in number 18. Washington and Lee University follows at number 29, followed by College of William & Mary at number 36 and the Virginia Military Institute at number 42.

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