"But for a very good student who can get into a Harvard or a Yale, it's possible they can get a good merit scholarship at another school," she said.

The fact that many of the most competitive schools only offer need-based aid and not merit scholariships pushed Ivy League schools down on the list, Davis said.

Last year, Kiplinger's published a similar report identifying the best values among public colleges and universities. Davis said keeping the reports for public and private institutions separate paints a clear picture.

"We've decided to separate the two because the two have different criteria. They tend to cater to different populations," she said. "For private schools, things like endowment are more important...It didn't make sense to mix the data."

Davis said the ultimate goal of the private school report wasn't to discourage students from shooting for Harvard and Princeton.

"It's not to say they aren't excellent schools, because they are," she said.

Instead, the report is designed to "give families options in deciding where to apply."

"It's possible for [students] to go to a good school at half the cost. It really is a way for families to maximize their options," she said.