The University of Tennessee (also referred to as the University of Tennessee, Knoxville, UT Knoxville, UTK, or UT) is a public sun-grant and land-grant university headquartered in Knoxville, Tennessee, United States. Founded in 1794, two years before Tennessee entered the Union as the 16th state, it is the flagship institution of the statewide University of Tennessee system with nine undergraduate colleges and eleven graduate colleges and hosts almost 28,000 students from all 50 states and more than 100 foreign countries. In its 2014 ranking of universities, U.S. News & World Report ranked UT 106th among all national universities and 46th among public institutions of higher learning. Seven alumni have been selected as Rhodes Scholars; James M. Buchanan, M.S. '41, received the 1986 Nobel Prize in Economics.