Penn State announced Monday that it has completed settlement agreements with 26 men who claimed to have been sexually abused as youths by former assistant football coach Jerry Sandusky.

Nittany Lion Shrine at Penn State University

The claims were settled for a total payout of $59.7 million, the university said. Individual settlement amounts are not being released because of confidentiality agreements.

Today's announcement is in keeping with a resolution passed by trustees earlier this year authorizing the university's mediators to execute final settlement agreements. At that time, trustees said about $60 million had been allocated for the claims.

"We hope this is another step forward in the healing process for those hurt by Mr. Sandusky, and another step forward for Penn State," President Rodney Erickson said. "We cannot undo what had been done, but we can and must do everything possible to learn from this and ensure it never happens agains at Penn State."

Penn State received and vetted claims from 32 persons in all through its mediation process.

At least three of the six remaining claims have been rejected as being without merit. Settlement agreements have not yet been reached with the others, though that potential is still out there, officials said.

The university hopes that its liability insurance policies will cover the cost of the settlements, though that is a matter of some dispute at present. In the interim, Penn State has said it will use payments from intra-university loans to cover the costs of the agreements.