Jul 29, 2014 02:39 AM EDT By Staff Reporter, UniversityHerald Reporter

The Babson College has topped the list of institutions that offers best value education in the United States, according to a new college ranking system published by Money magazine.

The ranking - based on quality of education, affordability and outcomes - showed that "higher-cost colleges do not graduate a higher percentage of students than similar but lower-priced colleges, nor do their alumni earn more," the magazine stated in a press release.

Babson specializes in business and entrepreneurship. Students gain practical experience, interact with local companies via internships and establish a business as part of their freshmen year. Babson alums earn an average of nearly $60,000 a year within five years of graduation - about $13,000 more than their peers from comparable schools.

The Massachusetts' college is then followed by the Webb Institute in Glen Cove, N.Y., and M.I.T. in Cambridge, Mass.

Every Webb student who is either a U.S. citizen or a green card holder is entitled to a full-tuition scholarship, worth $44,000. Webb alums typically earn about $65,000 a year.

MIT, one of the world's most esteemed science schools, boasts of nine Nobel Prize winners in its faculty. At least 25 percent of the students score perfect marks on their Math SAT and graduates typically earn 22 percent more than those from comparable elite schools.

Ranked fourth on the list, the Princeton University is considered one of the most affordable schools in the Ivy League because of their generous financial aid programs. Students belonging to households earning less than $250,000 qualify in any one of the scholarship programs. As a result, 90 percent of students graduate without any debts.

Money's Top 10 Best Colleges:

1. Babson College - Babson Park, Mass.

2. Webb Institute - Glen Cove, N.Y.

3. Massachusetts Institute of Technology - Cambridge, Mass.

4. Princeton University - Princeton, N.J.

5. Stanford University - Stanford, Calif.

6. Harvard University - Cambridge, Mass.

7. Harvey Mudd College - Claremont, Calif.

8. Cooper Union - New York City, N.Y.

9. Brigham Young University - Provo - Provo, Utah

10. California Institute of Technology - Pasadena, Calif.

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