Editor’s Note: The above video shows KXAN News’ top morning headlines from Monday, July 1, 2024. AUSTIN (KXAN) — Hook 'em: UT Longhorns have plenty to celebrate after a new study named the University of Texas at Austin the second "best value" college in Texas. Financial technology company SmartAsset released its 2023 state-by-state study analyzing the best colleges in each state based on the following metrics: starting salary, tuition, living expenses, student retention rate and the average amount in scholarships and grant funding awarded. Coming in first place was Rice University. The Houston-based higher education institution received an overall college education value of 90.10, based on the following metrics: Rice University's average scholarships and grants: $46,239 Rice University's median starting salary: $77,900 Rice University's tuition: $55,873 Rice University's student living costs: $21,004 Rice University's student retention rate: 97% The Longhorns claimed the second spot, with a college education value score of 80.13. Looking at the methodology, its score reflected the following benchmarks: UT Austin's average scholarships and grants: $11,892 UT Austin's median starting salary: $65,900 UT Austin's tuition: $12,520 UT Austin's student living costs: $18,757 UT Austin's student retention rate: 96% Rounding out the Top 10, here's a breakdown of the best value colleges making the mark. Rice University UT Austin University of Houston The University of Texas at Dallas Prairie View A&M University Texas A&M University - College Station Texas Tech University LeTourneau University Texas State University University of North Texas Along with considering those five key criteria, SmartAsset's study also took into general costs to attend each school, such as transportation, books and school supplies as well as additional personal expenses. The methodology gave a 25% weight to new graduates' starting salary, tuition and living costs from each school, with a 12.5% weight for scholarships and grant money awarded and a final 12.5% weight for student retention rates. The complete study is available online.