According to the report, Maryland ranked first with a total score of 77.62 points. The District of Columbia took second with 74.90 points and Arkansas was third with 73.35 points. Other states performed less well.

Meeting quality benchmarks and per child spending were among the key indicators used for comparing each state.

More than 3 in 4 parents, or 70%, believe that schools ask them to buy too much for the back-to-school season, according to a new study by personal finance website WalletHub.

K12 school quality doesn't necessarily guarantee a student higher earning potential but there's certainly a correlation, researchers at WalletHub report.