Simplify the following text for a Grade 10 native English-speaking person.
Original: Founded in 1693 by a royal charter ( by a British letters patent ) issued by King William III and Queen Mary II , it is the second-oldest institution of higher education in the United States after Harvard University .
Simplified: Founded in 1693 by a Royal Charter issued by King William III and Queen Mary II , it is the second-oldest institution of higher education in the United States .