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In page Eton College:

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One boarding house, College, is reserved for 70 King's Scholars,[1] who attend Eton on scholarships provided by the original foundation and awarded by examination each year; King's Scholars used to pay up to 90 per cent of full fees, depending on their means. This financial incentive has been phased out. Still, up to a third receive some kind of bursary or scholarship. The name 'King's Scholars' refers to the foundation of the school by King Henry VI in 1440. The original school consisted of the 70 Scholars (together with some Commensals) and the Scholars were educated and boarded at the foundation's expense.[citation needed]