While the University of Pennsylvania has always been revered for its high educational standards and many accolades, the Ivy League College has now been named as the number one party school of the year in the country by Playboy Magazine.

Not only did UPenn top the list, but this is also the first time that the Colonial College has ever been listed.

Apparently, when the students at UPenn aren't partying, they're working hard, which has resulted in the school being recognized as the 8th best school in the nation, according to Time.

"UPenn puts other Ivies to shame with its union of brains, brewskies and bros," states the magazine, according to NBC Philadelphia.

The X-rated magazine used a variety of factors to determine which ten schools have the best atmosphere for partying, including access to nightlife, musical events and creativity when party planning.

"Boasting a notorious underground frat scene that school officials have deemed a nuisance, these renegades pony up thousands of dollars' worth of liquor for their parties."

While "the Quakers are known for their notorious underground frat scene, off-campus parties, Spring Fling and Philadelphia's big bar scene," the University of Wisconsin in Madison was listed as the runner-up due to its tailgates, city festivals and students' "ability to drink away the freeze," reports Time.

West Virginia came in on the list in third place, followed with the University of Arizona, which was placed as number four, and the University of Iowa, which rounded out the top five.

The issue will hit newsstands and be featured online Friday.

Here's the full list of this year's top party colleges and universities.

1. University of Pennsylvania
2. University of Wisconsin
3. West Virginia University
4. University of Arizona
5. University of Iowa
6. University of California, Santa Cruz
7. University of Miami
8. Colorado State University
9. University of Texas
10. Syracuse University