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 at 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 2012 ranking of universities, U.S. News & World Report ranked UT 101st 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. UT's ties to nearby Oak Ridge National Laboratory, established under UT President Andrew Holt and continued under the UT-Battelle partnership, allow for considerable research opportunities for faculty and students.