Move over, Princeton.

The Massachusetts Institute of Technology has claimed the No. 1 spot among national universities in the U.S. News & World Report’s 2027 Best Colleges Rankings, ending the New Jersey Ivy’s 15-year reign and topping Harvard, at No. 3.

Other New England schools continued to shine in the rankings. Williams College once again topped the list among national liberal arts colleges, with Amherst College holding steady at No. 2.

Babson College, eligible for the overall rankings for the first time, got off to a winning start at No. 1 for northern regional universities due to “the strength of its financial resources, high graduation rates, and strong outcomes of its graduates,” according to U.S. News.

In a statement, MIT said it is proud to be “part of a strong network of excellent colleges and universities across the nation, dedicated to educating students and pursuing curiosity-driven research,” noting that “America’s economic strength, scientific leadership, and national security depend on world-class education and research institutions.”

This year marks the 42nd edition of the report, which evaluates about 1,700 institutions and it arrives during a tumultuous time for many of them.

The Trump administration continues its pressure campaign on multiple fronts, and students and families question the value of a college degree amid rising costs. Last spring, the Commonwealth saw the financial meltdowns of two small colleges, Hampshire and Anna Maria.

The annual college rankings list is like the Oscars for higher education, but it remains controversial. Some in the sector say it doesn’t matter if one school replaces another in a long list of top schools.

“It has no meaning unless you’re looking solely for cocktail party banter, if you’re looking to brag: ‘My child is going to a college that U.S. News says is number one,’” said Larry Ladd, a college finance expert and former Harvard budget officer.

Many colleges have long refrained from publicly promoting the rankings because of concerns about reinforcing potential biases in any one formula, contributing to admissions frenzies, and lending validity to the idea that educational success can — or even should — be ranked.

Two decades ago, about 20 college and university presidents made their positions official in a signed statement pledging “not to mention U.S. News or similar rankings . . . since such lists mislead the public into thinking that the complexities of American higher education can be reduced to one number.”

Nevertheless, for many prospective students and their families, U.S. News is still considered “the king of college rankings. Every other ranking lives in its shadow,” said Jayson Weingarten, a senior admissions consultant with the Manhattan-based Ivy Coach. “In some corners of the country, and the world, it’s treated almost like the Bible.”

He granted that it’s an “imperfect” system, adding that, in the past, “some schools, like Northeastern, have gamed it masterfully and climbed up quickly,“ while others — he named Brown and Dartmouth — have long underperformed.

As for liberal arts colleges, “They’re practically an afterthought,” Weingarten said, noting Williams has ranked No. 1 among liberal arts colleges for over two decades. “How many people even know that?”

According to U.S. News, the 2027 report is based on adapted methodology meant to address the question of the moment: “Is college worth it?” Changes include adding a “new earnings by major” ranking factor, which evaluates graduate earnings four years after graduation using data from the US Department of Education’s College Scorecard.

There’s also a new focus on federal financial aid recipients in the workforce whose highest degree is a bachelor’s, for the purpose of minimizing the impact of pre-existing family financial advantages.

“With families increasingly scrutinizing the true cost and return on investment of a college degree, our goal is to provide clear, actionable data,” LaMont Jones, managing editor for education at U.S. News, said in a statement.

Among the top 25 national universities, MIT ranks high, at No. 3, for the percentage of students receiving federal Pell Grants. It performs at the highest level in post-graduate earnings metrics, as well as faculty research and incoming students’ SAT/ACT scores.

Weingarten pointed out that MIT graduates a large number of students in lucrative STEM fields, with some landing at companies such as Anthropic and OpenAI.

“We may not be able to see inside the U.S. News algorithm,” he said, “but this is as clear an indication as any of why MIT could supplant Princeton at No. 1.”

Harvard placed second in the category of top-five value schools for national universities, after Princeton, while Amherst College leads in economic diversity among the top 25 liberal arts colleges.

Brown University is in a third-place tie with Washington University in St. Louis in the category of top five schools for veterans: national universities.

The University of Massachusetts Amherst, meanwhile, climbed five spots to No. 24 for public national universities, making it the only public institution in New England to place in the Top 30. In a statement, UMass Amherst Chancellor Javier A. Reyes reaffirmed the university’s commitment to “teaching, research and service for the common good.”

While recognition never hurts, Ladd warned against taking the rankings too seriously.

“It’s a disservice to aspiring students and parents to give them the feeling that these minute differences matter,” he said. “What matters is: Is this the right place for your child? And these rankings don’t answer that question.”