Consider a queuing system with K parallel queues in which the server for each queue processes jobs at rate n and the total arrival rate to the system is nK − υ √ n where υ ∈ (0, ∞) and n is large. Interarrival and service times are taken to be independent and exponentially distributed. It is well known that the join-the-shortest-queue (JSQ) policy has many desirable load balancing properties. In particular, in comparison with uniformly at random routing, the time asymptotic workload of a JSQ system, in the heavy traffic limit, is reduced by a factor of K. However this decrease in workload comes at the price of a high communication cost of order nK 2 since at each arrival instant, the state of the full K dimensional system needs to be queried. In view of this it is of interest to study alternative routing policies that have lower communication costs and yet have similar load balancing properties as JSQ.In this work we study a family of such rank-based routing policies in which O( √ n) of the incoming jobs are routed to servers with probabilities depending on their ranked queue length and the remaining jobs are routed uniformly at random. A particular case of such routing schemes, referred to as the marginal join-the-shortest-queue (MJSQ) policy, is one in which all the O( √ n) jobs are routed using the JSQ policy. Our first result provides a heavy traffic approximation theorem for such queuing systems in terms of reflected diffusions in the positive orthant R K + . It turns out that, unlike the JSQ system where due to a state space collapse the heavy traffic limit is characterized by a one dimensional reflected Brownian motion, in the setting of MJSQ (and for the more general rank-based routing schemes) there is no state space collapse and one obtains a novel diffusion limit which is the constrained analogue of the well studied Atlas model (and other rank-based diffusions) that arise from certain problems in mathematical finance. Next, we prove an interchange of limits (t → ∞ and n → ∞) result which shows that, under conditions, the steady state of the queuing system is well approximated by that of the limiting diffusion. It turns out that the latter steady state can be given explicitly in terms of product laws of Exponential random variables. Using these explicit formulae, and the interchange of limits result, we compute the time asymptotic workload in the heavy traffic limit for the MJSQ system. We find the striking result that although in going from JSQ to MJSQ the communication cost is reduced by a factor of √ n, the asymptotic workload increases only by a constant factor which can be made arbitrarily close to one by increasing a MJSQ parameter. We also study the case where the system is overloaded, namely υ < 0. For this case we show that although the K-dimensional MJSQ system is unstable, however, unlike the setting of random routing, the system has certain desirable and quantifiable load balancing properties. In particular, by establishing a suitable interchange of limits result, we show that the steady sta...