Eastern College was a private, non-profit institution, governed by a self-perpetuating Board of Trustees. It was established in 1928 as an institution of higher education emphasizing the study of accounting and business. In 1935 the Mt. Vernon School of Law was formed as a division of the College granting the Bachelor of Laws degree. Beginning in 1958, Associates degrees were offered in Liberal Arts (at that time satisfying the pre-legal education requirement), Accounting, and Business Administration. In 1965, the latter two programs were expanded into four year baccalaureate programs, and the first Bachelor of Science degrees were conferred in June of 1967. The college was accredited by the Maryland Department of Education and the Maryland State Board of Law Examiners and was a member of the Maryland Association for Higher Education.
The administrative offices of the College were at 3 West Madison Place. The libraries, classrooms and bookstore were also located at this address. Madison Hall, a block away at 12 West Madison Street, contained the Office of the President, the Offices of the Deans, faculty offices and lounge, student organization facilities and lounges, additional classrooms, and an assembly hall.
In 1970, Eastern College, comprising the School of Liberal Arts and Business and the Mt. Vernon School of Law, merged with the University of Baltimore.