Penn State announced Monday that it had settled a civil suit involving 26 victims from the Jerry Sandusky sex abuse scandal and will pay out nearly $60 million.

"The terms of the settlements, which include a release of all claims against Penn State and other parties, are subject to confidentiality agreements. Of the 26 settlements, 23 are fully signed and three are agreed in principle, with final documentation expected within the next few weeks," the university said in a statement.

"The aggregate dollar amount paid by the University for the 26 settled claims is $59.7 million and will be reflected in the University’s audited financial statements for the year ended June 30, 2013."

According to the university, it believes that its various liability insurance policies cover its settlements and defense of claims and those expenses not covered by insurance will be funded from interest revenues from the university to its own self-supporting units.

In other words, tuition, taxpayer funds or donations will not be put towards the settlement's costs.

Sandusky was sentenced last October to no less than 30 and no more than 60 years in prison after being found guilty on 45 counts of child sex abuse.

The sex abuse was first said to have begun in 1994 per Victim 7, and in 2001 assistant coach Mike McQuery told Penn State coach Joe Paterno that he had seen Sandusky engaged in inappropriate activities with a 10-year-old boy in the football locker room showers. While Paterno told his supervisors of the incident, it was never reported to authorities.

Sandusky was officially charged in November 2011 and just days after he was charged, Paterno was fired as Penn State's coach. Paterno died in January 2012 after it was announced he was diagnosed with lung cancer just two months earlier.

In July of 2012, the university was sanctioned by the NCAA and fined $60 million and placed on a four-year postseason ban and had football scholarships reduced. Earlier this season, the NCAA announced that it would restore some of Penn State's scholarships. Starting next season, the university will have five additional scholarships.

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Nick Bromberg is the assistant editor of Dr. Saturday on Yahoo Sports. Have a tip? Email him at nickbromberg@yahoo.com or follow him on Twitter!

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