The memorial installed at the college, near Alton, Hampshire, depicts two pupils, one with a sling and and another holding a cane, embracing each other.
Adrian Goodyear, 55, who first attended Treloar's when he was nine, said: "We couldn't believe the place we were looking at. Rolling country hills, swimming pools, canoes, a Jacobian mansion. It was just remarkable at first.
"We left school with death sentences."
Goodyear was infected with hepatitis and HIV while at the school.
"In 1985, a doctor tearfully said that I had two to three years to live," he explained.
"I was told this with five other boys and the doctor went round the room and said: 'You have… you haven't… you have… you haven't… you have got HIV'."
He said the memorial was important to keep the scandal "in the public consciousness" and to honour those who died.
He added: "When we were here we made promises… they died in front of us, one winter we lost five boys.
"I made promises to them, as did the other lads here today, that we would never give up. We would find out what happened."
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