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Higher education can be a costly business, with graduates leaving college with huge debts that can take decades to pay off. But a new study ranking the top 200 institutions in Europe reveals which colleges – or universities - offer students both the best tuition as well as the best deals.

The rankings data, compiled by Times Higher Education (THE) and published Thursday, showed that over a quarter of the best universities in Europe are based in the U.K.. Oxford University ranked as the best institution in Europe to study, based on factors such as the quality of teaching, research and international outlook.

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Students walk past the Radcliffe Camera building in Oxford city centre as Oxford University commences its academic year on October 8, 2009 in Oxford, England.

But with annual fees in the U.K. coming to around 11,612 euros ($12,750) if you are in the European Union or as much as 18,320 euros if you are from overseas, this is certainly not the most affordable place to get a degree.

Outside of the U.K., colleges in Switzerland, Sweden and Germany are the only institutions listed in the top 10, with ETH Zurich, the Swedish Karolinska Institute and LMU Munich ranked the fourth, the ninth and the tenth best in Europe, respectively.

Germany is the second most-represented nation in the list, with 36 institutions, almost a third of which (11) are in the top 50, according to the THE study.

For cost efficiency for a top 10 university, Germany wins hands down with annual fees for both EU and non-EU students costing absolutely nothing.

Norway also offers free tuition fees for all students, but its highest ranking institution is the University of Oslo, coming in sixty-third place.

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Sweden is free for EU students, but charges 9,700 EUROS? for overseas fees, while Switzerland charges between 1,500 and 6,000 euros for all students.

The Republic of Ireland is one of the costliest places to study for students outside of the EU, with fees ranging from 10,000 euros for arts and humanities subjects to a whopping 52,000 euros ($57,026) for medicine.