Kiplinger, a Washington, D.C.-based publisher of business forecasts and personal finance advice, named Davidson College number eight in its annual rankings of the best values in liberal arts institutions.

The chosen schools offer academic quality and affordability while posting high freshmen retention and graduation rates.

Kiplinger’s website states that Davidson was chosen because, “unlike most other top-ranked schools, (it) awards non-need based aid, with an average award of nearly $20,000. The school’s policy of replacing loans with grants to help reduce student debt means that only 22 percent of students, the lowest percentage on our list, borrow to finance their education.”

In reference to Davidson’s academics, Kiplinger says, “the school focuses on leadership and community service. Its honor code gives students the freedom to schedule their own exams and take tests unsupervised.”