Diego López Pacheco, III Marquis of Villena, was the protector of the Jesuits in Belmonte, Cuenca. He showed his interest in establishing the Society in the locality in 1556. He offered 1.500 ducats that were distributed by Father Juan Lucas to build it. However, this financial support was never used. The first fathers that settled in Belmonte were Pedro Sevillano, Juan de Cuadra and Pedro Rodríguez. The last one was born in Belmonte. The first house-convent was established under the tower of the collegiate church, where a Grammar study was created. These studies were so valued and famous that they counted on 40 students from different Spanish localities in less than 10 years. The college was finally built on the 18th of February 1640. The school in Belmonte was the first in Spain in opening a boarding school. The school could not pay the maintenance of the internal and external students. However, it counted on a subsidy given by the local government of 30.000 maravedíes* per year in 1567. On the other hand, some individuals of the town, such as the noble and rich Francisca Ponce de León or the IV Marquis of Villena as well as magnates from other localities, made donations. According to some historians, it counted on 500 students in 1582. This is proved in the agreements between the Jesuits and the local governments of other localities or the University to incorporate students that asked for Grammar and Latin learning. It counted on two Grammar teachers and two teachers of basic education from the start. When it had to close in 1767 due to the Charles III's Decree of expulsion (1759-1788), the school counted on one Grammar teacher and one Ludimagistri.

*Old Spanish coin.

When the Jesuits were expelled, the school was taken by the Diocese of Cuenca and it was used as a place where basic education, Latin and Rhetoric were taught. The church worked as the "assistant" of the collegiate school's parish.