Categorizing Colleges

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Can someone please explain the "Tier" system? What does it mean for a college to be tier1 versus tier 3?

Rosa Mistretta of NY 7:55PM March 30, 2009

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Morse Code: Inside the College Rankings

Robert Morse is director of data research for U.S.News & World Report and has worked at the company since 1976. He develops the methodologies and surveys for the Best Colleges and Best Graduate Schools annual rankings, keeping an eye on higher-education trends to make sure the rankings offer prospective students the best analysis available. Morse Code provides deeper insights into the methodologies and is a forum for commentary and analysis of college, grad, and other rankings.