May 31, 2016 08:22 AM EDT By Vinay Patel, UniversityHerald Reporter

Those who aspire for a degree in business more often than not face this dilemma: Will taking on some $28,400 in student debt, contribute to higher earning for a lifetime?

Economists claim a college degree usually does the trick. In fact, a 2015 research from PayScale divulged that students do not have to go to a university that cost them an arm and a leg to get a considerable return. But that's not all, the research indicate it's better to opt for a state school instead, Time reported.

According to a list published by Business Insider, the 25 best colleges where the most students opt for a degree in business include:

25 - George Washington University
24 - College of William and Mary
23 - University of Wisconsin at Madison
22 - Claremont McKenna College
21 - Pennsylvania State University
20 - Washington and Lee University
19 - Purdue University
18 - Villanova University
17 - Boston University
16 - Lehigh University
15 - Babson College
14 - University of Texas at Austin
13 - Wake Forest University
12 - Rensselaer Polytechnic Institute
11 - Boston College
10 - University of Southern California
9 - Emory University
8 - Northeastern University
7 - New York University
6 - University of Virginia
5 - Washington University in St. Louis
4 - Georgia Institute of Technology
3 - University of Notre Dame
2 - Georgetown University
1 - University of Pennsylvania

UPenn encompasses the Wharton School of Business, which happens to be world's first collegiate business school. It originally was placed at No. 9 in the online publication's list of best colleges, however jumped up to No. 1 spot as a result of the impressive figures that indicated 21% students studied business/marketing.

Similarly, Georgetown University jumped 10 spots to grab the No. 2 spot on the list, as 22% of its overall students major in business/Marketing at the university's McDonough School of Business.

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