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The term is used by high-school college admissions counselors and in college admissions guides because Harvard, Yale, and Princeton are often regarded as having the highest admission standards and greatest prestige out of the Ivy League universities. Hence the term is used to set apart these three universities as the most prestigious in the world, though the actual quality of the three universities is a matter of some debate (for more information, see the college and university rankings article). The 2005 US News "National University" rankings placed the HYP universities in the top three spots, with Harvard and Princeton in joint first place and Yale coming in third [1]. The 2004 Times Higher Education Supplement World University Rankings placed Harvard, Yale, and Princeton in 1st, 8th, and 9th place, respectively, out of all the universities around the globe. Harvard, Yale, and Princeton hold the top three spots (in that order) in terms of largest numbers of Rhodes Scholarships won.
The September 2002 issue of Worth magazine ranked high schools on the basis of the number of students from those high schools matriculating at Harvard, Yale, and Princeton. Worth magazine argued that the three schools were "three of the most selective Ivy colleges; the term HYP has come to signify the elite college standard."
The term is also used in the names of events, such as athletic meets, sponsored by the three schools.
Within the three schools, Harvard and Yale are known for having a particularly famous school rivalry, especially in athletics.