King Henry VI founded Eton College in 1441. He had little idea at that time that Eton College would become the most famous school in the world, or that it would produce 19 British Prime Ministers. The original objective of the school was to provide free education for 70 students, with the aim of preparing them to go on the even higher education at Kings College Cambridge.
Henry wanted Eton to be a grand building filled with icons and treasures. Unfortunately, Henry was deposed in 1461 by King Edward IV, and he promptly transferred most of the treasures to Windsor. However, he reckoned without intervention from Jane Shore, who was his mistress. She persuaded Edward to stop ransacking the school and over time the school did grow in size and splendour.
Eton is a boarding school, without exception. All pupils live at the school, but these days a good proportion receive financial assistance to meet the course fees, and some receive free education, though they have to meet very high standards in order to justify such support.