The U.S. Education Department's (ED) annual rankings list of the country's most expensive colleges has been the center of some criticism and this year is no different.

According to Inside Higher Ed, the Higher Education Act mandates the annual release of this list, legislation some lawmakers would like to see repealed, as it is soon up for reauthorization. School leaders at some of the more expensive schools also have their own issues with the list.

The list is based on the net price of tuition and fees alone, meaning the ED takes into account what most students receive in financial aid to attend. Before financial aid was factored in, Landmark College, Columbia University, Sarah Lawrence College and Vassar College topped the list of four-year institution.

Still, the University of Miami - Ohio topped the list for four-year public schools, but Claire Wagner, a university spokeswoman, said that was due to the state receiving less federal aid.

"It's a telling sign that the states that are not able to spend as much as others are the ones on this list," she told Inside Higher Ed. "I worry that somebody might stop at just that statistic, but we're trying to get the word out about outcomes, which is what we find that parents and families want to know: what are my odds of being employed or getting into graduate school."

House Republicans released in late June a package of three bills that would change the Higher Education Act. The package aims to first educate student loan borrowers on their rights and responsibilities of having a federal student loan. The second part would create a "College Dashboard" aimed at putting all information in front of prospective students necessary to choosing a college. Lastly, the package would aim to simplify the process of taking out a student loan; it was the only bill that got Democratic co-sponsorship, Inside Higher Ed reported.

U.S. Education Secretary Arne Duncan said the list is an important tool of transparency for the most expensive schools in the nation.

"These lists support our efforts to make college more accessible and to help families make informed decisions on the single most important investment students can make in their own futures," he said in a statement released Monday. "Empowering students and families with this information is critical to reaching President Obama's 2020 goal for America to once again have the highest proportion of college graduates in the world."