Harvard University in Massachusetts takes the top spot in U.S. News and World Report's list of best value schools in the United States.

The private Ivy League research university has a total undergraduate enrollment of 6,722, its setting is urban, and the campus size is 5,076 acres. More than 58 percent of full-time undergraduates receive some kind of need-based financial aid and the average need-based scholarship or grant award is $44,781.

Its tuition and fees for the 2014-15 school year are $43,938. The average cost of tuition for students after receiving grants based on need was $15,169.

For the rankings, the U.S. News took into account the school's academic quality, and the 2013-2014 cost of attendance for a student who received the average level of need-based financial aid. The higher the quality of the program and the lower the cost, the better the deal or value.

Another Ivy League school, Princeton University in New Jersey came in 2nd place, and Yale University came in third.

The ratio of quality to price accounted for 60 percent of the overall score; the percentage of all undergraduates receiving need-based grants accounted for 25 percent; and the average discount accounted for 15 percent.

Top 10 Best Value Schools

1) Harvard University

2) Princeton University

3) Yale University

4) Stanford University

5) Massachusetts Institute of Technology

6) Columbia University

7) Dartmouth College

8) California Institute of Technology

9) Rice University

10) University of Pennsylvania