Sep 14, 2016 10:43 PM EDT By Jane Reed, UniversityHerald Reporter

Thinking of going to MIT this year or the next? It's a good thing you know that the university ranks as the top 7 out of many national universities. To consider, there are more than 1,600 four year colleges and universities in the United States.

According to the United States News & World Report, they recently revealed a list of the top schools in the country. The list itself greatly influences many prospective students on which college or university to go to, according to the American Educational Research Association. And MIT making the top 7 list is huge.

This also means that MIT was able to score high among 15 indicators of academic quality. And these 15 indicators are the same things that students and parents are looking for when choosing the next level and higher education. They include student selectivity, academic excellence, financial resources, and more. The biggest weight of scores though come from graduation and retention rates.

MIT scored high in the peer assessment score. The peer assessment score is taken from assessments from presidents and top admissions officials at peer institutions.

MIT's School of Engineering undergraduate program is reportedly ranked as Number 1. While MIT's undergraduate business program ranked Number 2.

On record, this is the fourth year in a row that MIT has ranked seventh place among the country's best colleges and universities.

According to MIT, the university ranks as the third most innovative university in the country when it comes to peer assessment survey of top academics.

The top five universities before MIT are Princeton University. Princeton is on its sixth year with the number one spot. Harvard University comes in second. Yale University and University of Chicago ties on third. Stanford University and Columbia University ties after.

Are you planning to take an undergraduate business or engineering course at MIT? Consider their ranking as something to consider when it comes to graduation rates and career pathing.

Want to know more about MIT? Check this video below:

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