The 12 wealthiest public colleges in America

University of North Carolina at Chapel Hill/Facebook

The richest public universities in the country boast endowments above 10 figures, placing them in the upper echelon of higher education. Texas A&M University at College Station, for example, has an endowment of $10.52 billion, not only making it the wealthiest public university in America, but also the sixth wealthiest among all universities, right behind MIT and Princeton. 

Whether public or private, university endowments support a school's operating budget and help it invest in its future, from providing scholarships and financial aid to funding research and other initiatives. The richest colleges, frequently the most prestigious, can offer more of these opportunities to their students and community, giving them a leg up in recruitment and helping them burnish their academic reputation.

The National Center for Education Statistics (NCES), an organization under the US government that collects and analyzes education data, provided Business Insider with the most recent figures on US college endowments (the fiscal year ending in October 2014). It also provided its most recent data on the annual cost for a student to attend each college while living on campus. 

The following 12 colleges each have endowments of more than $2.4 billion, making them the richest public universities in America.

Additional reporting by Alex Morrell.

12. Purdue University

Location: West Lafayette, Indiana

Endowment: $2.45 billion

Tuition: $23,002 (in-state); $41,804 (out-of-state)

Purdue University is home to the country's best undergraduate biological and agricultural engineering program. Discovery Park — the school's 40-acre collaborative research hub with more than $1 billion in research investments — is a leader in several areas from cancer treatment and drug discovery to environmental and STEM learning.

11. Michigan State University

Location: East Lansing, Michigan

Endowment: $2.55 billion

Tuition: $25,350 (in-state); $47,115 (out-of-state)

MSU was founded as a land-grant university and the first US institute of higher education to teach scientific agriculture. The school now offers 15 majors focused on environmentalism and reports that it's one of the top-five campuses for sustainability.

10. University of North Carolina at Chapel Hill

Location: Chapel Hill, North Carolina

Endowment: $2.66 billion

Tuition: $25,650 (in-state); $50,732 (out-of-state)

In the late 18th century, UNC Chapel Hill became the first public university in America to award degrees. Today, it's revered as one of the best public colleges in the nation for its accomplishments in research, innovation, and healthcare. The school — which is part of the 16-school UNC system — also boasts a top-rated undergraduate business program with specialties in marketing, management, and finance.