The Pennsylvania State University (commonly known as Penn State) is a state-related land-grant university in Pennsylvania, with over 80,000 students at 24 campuses throughout the state. Founded in 1855 as an agricultural school, the university became a land grant college in 1863 and now offers over 160 majors and boasts a $1 billion (USD) endowment, placing it among the top fifteen public universities in the United States. The university joined the Big Ten Conference in 1990, and should not be confused with the University of Pennsylvania, located in Philadelphia.