The Pennsylvania State University has agreed to payout a total of $59.7 million to the 26 sex abuse victims of Jerry Sandusky who came forward and filed lawsuits, USA Today reported.

The school was actively seeking settlements with the victims to avoid trials. The school had already settled with "Victim 5," "Victim 2", Sandusky's adopted son Matt and five others. "5" was seen as a pivotal settlement for both sides, with the rest coming afterward.

The school said in a press release that confidentiality agreements were included in the settlements and that 23 of the 26 were signed, while three remain agreed upon in principle.

"The Board of Trustees has had as one of its primary objectives to reach settlements in a way that is fair and respects the privacy of the individuals involved," Keith Masser, chair of the Board of Trustees, said in a statement. "This is another important milestone in accomplishing that goal."

Penn State president Rodney Erickson said these settlements will be important in moving past the dark time for the victims and the for the school.

"We hope this is another step forward in the healing process for those hurt by Mr. Sandusky, and another step forward for Penn State," he said. "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."

"Victim 5" was important to settle with the school first, because his rape could have easily been prevented. Jerry Sandusky molested "5" six months after the incident in Aug. 2001, which Mike McQueary, then a graduate assistant, witnessed in an athletic complex shower. McQueary told then-head football coach Joe Paterno, who said he reported it to the former school president and athletic director, but nothing came of it and Sandusky continued to molest young boys he met through his charitable foundation.

Sandusky was convicted in June 2012 on 45 criminal counts and is serving a 30- to 60-year prison sentence. He still maintains his innocence and is continually seeking an appeal, for which he has been denied.

The school said in the release that taxpayer dollars, student tuition or private donations would not be used to pay the settlement funds. They will use funds from their various liability insurance policies and use interest revenues from loans made by the school to pay for whatever is not covered by insurance.

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