Princeton, Williams Top 2017 U.S. News Best Colleges Rankings

A college degree is one of the most important investments an individual can make, according to a recent study by the White House's Council of Economic Advisers.

The earnings gap between a college and a high school graduate continues to widen, with those earning bachelor's degrees making nearly $1 million more in their lifetime compared with those with only a high school diploma, the report found.

While the overall return on a college education nears historic levels, the report suggests there are variations on that return, depending on the school and program a student selects. To find the college that's the best fit, prospective students and their families can turn to the 2017 U.S. News Best Colleges rankings, released today.

[Explore the 2017 Best Colleges rankings.]

The 2017 edition includes data on more than 1,800 colleges and universities, of which 1,374 are ranked. Under the rankings methodology, eligible schools are divided into different categories such as National Universities and Regional Colleges, and evaluated on up to 15 indicators of academic excellence, such as freshman retention, faculty resources and graduation rates -- to name a few.

Among National Universities, which emphasize research and offer bachelor's, master's and doctoral programs, Princeton University in New Jersey once again took No. 1, Massachusetts' Harvard University remained in second place and the University of Chicago moved up one spot to tie with Yale University in Connecticut for third place.

Other changes in this year's top 10 include California's Stanford University and New York's Columbia University moving down one spot from a tie at fourth to a tie at No. 5. The University of Pennsylvania traveled up one notch to No. 8, while California Institute of Technology dropped two places to No. 12.

One of the largest leaps in the 2017 National Universities rankings came from Howard University in the District of Columbia, which climbed 11 spots from a tie at No. 135 to a tie at No. 124. Similarly, Kansas State University rose by 11 places, traveling from a tie at No. 146 to a tie at No. 135.

[See photos of the top 20 National Universities.]

National Liberal Arts Colleges, which focus on undergraduate education and award at least half of their degrees in fields such as humanities or social sciences, didn't see any movement among the top two spots. Massachusetts' Williams College took the No. 1 spot again, and Amherst College, also in Massachusetts, stayed at No. 2. Pennsylvania's Swarthmore College dropped one spot to a tie at No. 4 with Vermont's Middlebury College, while Massachusetts' Wellesley College climbed up to No. 3.

The most dramatic jump in the National Liberal Arts Colleges rankings came from California's Thomas Aquinas College, which rose 29 spots from a tie at No. 82 to a tie at No. 53.

Among Regional Universities, which offer a range of undergraduate disciplines and some master's but few doctoral programs, North Carolina's Elon University maintained its No. 1 spot in the South. Creighton University in Nebraska and Texas' Trinity University kept their top positions in the Midwest and West, respectively. But in the North, Providence College in Rhode Island moved up one spot to nab first place.

New York's Cooper Union moved up one spot to take No. 1 in the North among Regional Colleges, which focus on undergraduate education but grant fewer than half their degrees in liberal arts disciplines. Carroll College in Montana and High Point University in North Carolina held on to the No. 1 spot, respectively, in the West and the South.

Calvin College in Michigan, which changed from being categorized as a National Liberal Arts College to a Regional College this year, shared the No. 1 spot in the Midwest with Indiana's Taylor University.

Some institutions such as Calvin College changed categories this year because the Carnegie Classification of Institutions of Higher Education -- the most widely accepted classification system in U.S. higher education that U.S. News uses in its rankings -- updated its system.

As a result of the Carnegie updates, around 12 percent of ranked schools for the 2017 edition of Best Colleges have moved into different categories. Villanova University, for example, moved from its No. 1 position among Regional Universities in the North to sharing a four-way tie at No. 50 with Pennsylvania State University--University Park, California's Pepperdine University and the University of Florida among National Universities.

Beyond the overall rankings, U.S. News has other lists and rankings to help students and their families compare colleges.

For high school students who aren't at the top of their class, U.S. News has the A-plus Schools for B Students list. These schools perform well in the rankings and accept students who don't necessarily have straight A's. Pepperdine is the top-ranked National University that appears on the A-plus list and Skidmore College in New York is again the highest-ranked A-plus School among National Liberal Arts Colleges.

There are other rankings such as the Best Value Schools for cost-conscious families, which evaluates colleges on more specific measures of quality and cost; these schools typically subsidize tuition and fees for eligible students based on financial need. Harvard ranked the highest among National Universities for offering the best bang for your buck, moving up a spot from last year.

[Discover more Best Value Schools.]

In addition to nearly 50 types of numerical rankings and lists, U.S. News also publishes a wealth of data on each school's online profile page, including information on application fees and deadlines, popular majors and financial aid -- to name just a few areas. Colleges report most of this information directly to U.S. News via an extensive questionnaire.

Looking for full rankings information? Access the U.S. News College Compass to find all published data points, including student debt and employment statistics.

Farran Powell is an education reporter at U.S. News, covering paying for college and graduate school. You can follow her on Twitter or email her at fpowell@usnews.com.