NEW ULM — Martin Luther College (MLC) earned Money Magazine’s top rank for best college for your money in Minnesota.

Money magazine released its ranks for best college for your money last month with breakdowns of the best college in each state. MLC ranked first in Minnesota and 48th overall.

The estimated full price for this school year is $25,400 but the estimated price for students who receive aid is $19,100, according to the magazine’s website.

About 94 percent of students receive grants and the average low-income student is estimated to pay $14,700, according to the website.

Almost all (98 percent) students with a need receive grants, and 67 percent of their needs are met, according to the website.

The school’s acceptance rate is 78 percent, slightly higher than its graduation rate of 73 percent, according to the magazine website.

After an average time enrolled of just under four and a half years, those graduates can expect an average salary of $36,000 within five years, according to the website.

To be ranked, a college has to have at least 500 students, sufficient and reliable data, not be in financial distress and have a graduation rate that is at or above the median for public or private colleges, depending on the institution itself.

Money ranks colleges based on three categories: quality of education, affordability and outcomes.

Quality is rated on six-year graduation rates, value-added graduation rates, peer and instructor quality and financial trouble.

Affordability is rated on the net cost of a degree, debt, student default risks, value-added student loan repayment and affordability for low-income students.

Outcomes are calculated based on graduates’ earnings, earnings adjusted by majors, college scorecard 10-year earnings, estimated market value of average alumni job skills, value-added earnings, job meaning and socio-economic mobility.

Connor Cummiskey can be emailed at ccummiskey@nujournal.com.