Open to all, regardless of gender or race, the college was founded by the Free Presbyterian Church and led by the Rev.
It counts among its alumni Warren G. Harding, a native of Morrow County and the 29th President of the United States.
In 1854, the Synod of the Free Presbyterian Church of the United States took control of about 5 acres (20,000 m2) of land in Iberia on which had been a ladies' seminary.
After the American Civil War, control of the college was transferred to the United Presbyterian Presbytery of Mansfield.
Eventually, the Mansfield Presbytery transferred the college to a group organized as an independent stock company.