Williams College

Williams College in Massachusetts is the best college in the U.S., according to the latest ranking by Forbes magazine.

The private liberal arts college with just 2,200 students topped the annual evaluation of 610 colleges and universities by Forbes and the Center for College Affordability and Productivity. Established in 1793, Williams is one of the oldest schools in the U.S.

Princeton and Amherst ranked second and third, while the United States Military Academy at West Point dropped from first place down to fourth. The Massachusetts Institute of Technology finished up the top five. Stanford was ranked sixth, while Harvard managed to make eighth and Yale tenth.

The ranking is based on practical standards such as the actual benefits that students receive and the amount they pay, rather than the general reputation of the colleges. Criteria include salaries of graduates, average amount of debt students end up with, percentage of students graduating within four years, and student satisfaction.

These standards have ranked the relatively obscure "Little Three" East Coast colleges -- Williams, Amherst, and Wellesley College (12th place) -- ahead of or alongside the "Big Three" -- Princeton, Harvard and Yale.

As the survey focused on value for money, the United States Air Force Academy and the United States Naval Academy, where students do not pay tuition, ranked high at 11th and 29th, respectively.