BLOOMINGTON -- Illinois Wesleyan University has dropped to the 44th spot on Kiplinger's Personal Finance magazine's list of 50 best values in private liberal arts colleges.

"It's important to continue to be viewed by a third party as the best value," said Bob Murray, IWU's dean of enrollment management. "We certainly are always pleased to get that type of conformation."

The university held the 34th spot last year and the 37th spot the year before.

Murray said that it was important for families to know that regardless of their financial situation in an uncertain economy, a college education is a good investment.

"We are doing everything we can to make our university as affordable as possible," Murray said.

Murray said IWU officials aren't concerned that it slipped 10 positions on the list, and the drop isn't the result of significant changes at IWU. The differences between the top institutions are so slight in the areas that Kiplinger's measures that so even small changes can shake up the list, he said.

It officially costs about $42,000 to attend IWU for one year, Murray said, but many students receive half of that in financial assistance, grants, loans and other programs.

Furthermore, students keep coming back to IWU. Murray notes this year's freshmen retention rate of 93 percent ties a historic record for the university.

"In the midst of the financial situation today, the students really value their experience," he said.

Two other private liberal arts colleges in Illinois made the list. Wheaton College was 22nd spot and Knox College was 47th.

Kiplinger's 100 Best Values in Private Colleges for 2009-10 lists the 50 top private liberal arts colleges and 50 top private universities. They were ranked according to academic quality and affordability, with quality accounting for two-thirds of the total, according to a news release from Kiplinger's.

Northwestern University in Evanston, University of Chicago and Bradley University in Peoria were private universities that made the list this year at 15th, 19th and 42nd respectively.