Money Magazine releases rankings of colleges with the best value

Time was when a child became a teenager they were sent out to prove themselves as a rite of passage into adulthood. Perhaps they hunted a tiger, or confronted a week alone in the jungle. Perhaps they go on a vision quest or are tattooed with dull needles.

In the United States, the rite of passage is just as daunting: Our teens apply for college.

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The Texas Common Application was released Monday and once completed will allow students to apply to almost 700 colleges in one fell swoop. Designed to make applying to college easier by reducing the number of applications a student has to fill out, the process of applying and selecting a college is still far from easy.

Released just in time for the college application process is Money Magazine's rankings of the colleges with the best value. Getting into, and paying, for college is so much work, you might as well choose the school that will give you the best return on that investment.

The magazine put their rankings together by looking at the usual factors: graduation rates, how much people have to borrow and how successful alumni are, but they also attempted to control for factors such as incoming students' academic standings and economic background. You can find the magazine's complete list of factors as well more info on colleges and rankings at time.com.

Scroll through the gallery above for a look at the colleges with the best value. We were happy to see Texas well-represented in the list.