New Jersey public schools have been ranked the third-best in the United States, according to a new study.

The WalletHub analysis compared all 50 states and the District of Columbia across 32 metrics, including academic outcomes, school safety, funding, class sizes, and teacher credentials. New Jersey finished behind only Massachusetts and Connecticut.

The Garden State ranked fourth nationally in total education spending per student, but analysts said money alone does not determine school quality.

The report said New Jersey tied Mississippi for the lowest student dropout rate in the country. It also ranked second in reading scores for fourth- and eighth-graders and fifth in math scores.

New Jersey ranked third in the share of high school students scoring a 3 or higher on AP exams and eighth in pupil-to-teacher ratio. About 8.5% of the state’s public schools ranked among the top 700 nationwide, the fourth-highest concentration in the country.

WalletHub broke the rankings into two categories: school quality and school safety. New Jersey ranked second in overall education quality and 20th in safety. The state’s performance was also helped by its digital learning plan, according to the study.