Penn State University announced Monday that it's agreed to pay $59.7 million to 26 victims in order to settle all civil suits related to the child molestation charges against former assistant football coach Jerry Sandusky. "We cannot undo what has been done, but we can and must do everything possible to learn from this and ensure it never happens again at Penn State," University President Rodney Erickson said in a statement

The university said the settlements will be paid entirely with the university's own money taken from insurance liability programs. No tax payer dollars, student tuition or school donation money will contribute to the settlements. The university retained Feinberg Rozen LLP to negotiate the settlements between the university and the victims. 

The 68-year-old Sandusky was sentenced to 30 to 60 years in prison last year for multiple charges of child abuse during his time as a Penn State football coach, ensuring he would spend the rest of his life in jail. He has claimed innocence throughout the entire ordeal, and repeatedly tried and failed to get a new trial. Three former Penn State officials --President Graham Spanier, athletic director Tim Curley and senior vice president Gary Schultz -- all face charges for covering up Sandusky's crimes.