(Urbana, IL) — The University of Illinois is the third best university in the state of Illinois. U.S. News and World Report released its annual university rankings yesterday. The University of Chicago is the best school in the state, and the third best school in the nation. Northwestern is second in Illinois, the U of I is third. The school in Urbana is ranked 52nd nationally, but is ranked in the top ten for its business and engineering programs.