Princeton was named the top school in U.S. News & World Report's list of 2022-2023 Best Colleges.

The publication said it evaluated 1,500 private and public colleges and universities on up to 17 measures. Those measures included graduation rates, retention rates, graduate indebtedness and social mobility.

Massachusetts Institute of Technology (MIT) followed Princeton on the list of top national universities. Harvard, Stanford and Yale tied for third. Princeton, Harvard and Yale are Ivy League schools.

While the top five schools are known for offering an elite education, they also come with a high price tag. Tuition at the top five schools is more than $50,000 a year.

Princeton announced last week that it would offer free college for students whose families earn less than $100,000 a year. The university expects about 1,500 undergraduates to benefit from the financial aid program. Princeton said that's more than 25% of the undergraduate student body.

U.S. News & World Report also ranked the top public schools. The top five schools on the list have in-state tuition for under $20,000 a year.

1. University of California, Berkeley (tie)
1. University of California, Los Angeles (tie)
3. University of Michigan – Ann Arbor (tie)
3. University of Virginia (tie)
5. University of Florida
5. University of North Carolina at Chapel Hill

Click here to view U.S. News & World Report's full list of Best Colleges.