U. Virginia is ranked number two on the Princeton Review’s 2012 list of best value public colleges, which was released earlier this week.

After leading the ranking in 2011, Virginia relinquished its top spot this year to U. North Carolina, Chapel Hill.

Virginia has been listed in the top five every year since the Princeton Review first began ranking the best value public schools in 2009. It has held the number one position for the last two years.

Virginia’s ranking likely dropped this year because of the increase in the number of schools included in the list, said Rob Franek, lead author of the Princeton Review’s “Best Value Colleges” book.

The 2012 list ranks 75 public and 75 private institutions and identifies the top-10 schools in each group. When the list was first published, it included 100 institutions — 50 public and 50 private universities.

“U.Va. has done a superlative job about making college affordable for students and their families,” Franek said.

University President Teresa Sullivan said in a statement that the ranking is a timely reminder for prospective students and their families.

“At a time when the national discourse is focused on the cost and value of a college education, we are pleased to be recognized as one of the top values among the nation’s public universities,” Sullivan said. “Students come to U.Va. because of the quality of our academic programs, but also because they can get a great education here without taking on extraordinary debt.”