I examine the drivers of the U.S. News & World Report college and university rankings. I use data on rankings and a large number of school characteristics for the last six years. First, I estimate the effect of changes in school characteristics on the ranking in order to evaluate optimal allocation of school resources. I also examine the persistence in rankings and the role of peer assessment in driving the rankings, and vice versa. Finally, I evaluate the correlation between the levels and changes in U.S. News and Wall Street Journal college and university rankings, and compare the persistence in the two rankings.