In 1272, Giacomo di Bonconte Coppoli donated the hill to the Friars Minor to build a convent in memory of b. Egidio, St. Francis and Our Lady: the structure was initially small and with a few friars, with the function of hermitage for the magnificent convent of San Francesco al Prato. The b. Paoluccio in 1374 was summoned to Perugia to refute and expel the "Fraticelli" from the convent of S. Francesco al Prato; he succeeded in the undertaking and, in return, obtained the convent of Monteripido.
In this place, Bernardino da Siena in 1440 initiated the institution of the General Study of the Order. While his preaching fought usury, he also spread the principles in favour of private property, the ethics of trade, the determination of value and price, and fair interest on loans. The doctrine took effect among the friars of Monteripido, achieving a universal result: the creation of modern banks based on the fund of rotation of money. Among the friars of the Studium of Monteripido, there was Friar Barnabas Manassei of Terni, "ascetic and economist", who united the charism of contemplation with a great practical and organisational sense in favour of the poor. In this hermitage in 1462, wanting to free the poor from the oppression of usury, the project of founding the Monti di Pietà was developed.
For the needs of the Studium, in the years 1754-1769 was built the monumental library, whose patrimony of codes and incunabula constitutes one of the most prestigious "funds" of the Municipal Library Augusta of Perugia.
Of the period of San Bernardino there is a corridor with some cells of the fifteenth century and a small cloister. Monteripido is embellished by two other cloisters: in the first, from 1506, there is the large rectangular refectory with a vaulted ceiling; in the other, there is the Art Gallery of Fr. Diego Donati, Friar Minor and engraver.
The church is dedicated to St. Francis and is from the 15th century. Only the Gothic apse remains from this period - the rest is from the mid-1800; inside is the 1500 oratory of Orazio Alessi, dedicated to Our Lady.
Monteripido is currently the seat of a fraternity engaged in the pastoral parish and university and the animation of a university dormitory.