An important feature of the State University System of Florida is the diversity of its 12 institutions. New College of Florida, the honors college of the State University System, is one of the nation’s best public arts and sciences undergraduate colleges. Such colleges are often called liberal arts colleges; they are distinguished by the strength of their faculty and students, their low student-faculty ratios and the high-quality education their graduates receive. New College is the only institution of its kind in the State University System. It is also the tiniest institution, with an education and general budget that is seven-tenths of one percent of the State University System’s $3.4 billion education and general budget.