Harman says that Princeton has received some fallout from its drop in the rankings this year.

"There are some number of students who will say no to Princeton because they've been accepted by the number one school," Harman says. He said his office has also received inquiries from alumni since Princeton dropped to fourth on the U.S. News list.

Harvard Dean of Admissions and Financial Aid William R. Fitzsimmons '67 advises that students not use college ratings to decide where to attend. He says, however, that students should take advantage of the wealth of information that college guides provide.

"This is a flesh-and-blood decision, choosing a real college with real people," he says. "There's no way a ranking can truly capture that."

"More information really is a good thing, and guidebooks have really democratized the information out there," Fitzsimmons adds.

Fitzsimmons also notes that the admissions office has not seen an increase in inquiries from prospective students or their parents since the U.S. News & World Report guide was released.

According to Knowles, Harvard does not use college ranking systems as a way to evaluate the effectiveness of its policies.

"We continually strive to offer the best educational experience that we can, and what defines 'best' is much more subtle than the fixed (and necessarily arbitrary) weights given...to the many factors that contribute to that experience," Knowles wrote.