PHILADELPHIA (CBS)  — In a recent ranking by Time’s MONEY, Princeton University is the best bank-for-your-buck school in the country.

Princeton University earned top honors for the second year in a row because of its highly rated professors who teach small classes, as well as its financial aid that makes attending the school free for students that come from households that earn less than $65,000 a year, according to the report.

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In addition, Princeton graduates have a high employment pay-rate with a reported income of around $67,000 within five years of graduation, according to the data collected.

The ranking system is based on 27 total categories. And each category concludes a school’s grade by “subtracting the impact of its average student’s test scores and percentage of low-income students.”

More than 700 colleges offer at least a basic level of educational quality, according to the report.

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