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Ex-Rutgers’ Coach Schiano Pays Off $300,000 Home Loan to School

Jan. 25 (Bloomberg) -- Former Rutgers football coach Greg Schiano paid off the remaining $300,000 of a no-interest home loan the university gave him in 2007, the school said.

The final payment came on Jan. 22, four days before the deadline set in his contract, according a university spokesman.

Schiano, 46, who resigned last January to coach the National Football League’s Tampa Bay Buccaneers, is searching for a buyer for the house after lowering the price twice, to $1.95 million from $2.3 million.

The coach bought land from the university and received an $800,000 loan from the athletic department to build the house about two minutes from the school’s High Point Solutions Stadium. The school forgave $100,000 of the loan each season Schiano remained as coach, with any balance when he resigned due one year later. The deadline was tomorrow.

“Former Rutgers head football coach Greg Schiano fulfilled his final financial obligation to the university Tuesday when he paid the $300,000 balance remaining on the Logan Lane property,” university spokesman E.J. Miranda said in an e-mail.

The 8,468-square foot (787 square meters) house with five bedrooms and six baths is near the university golf course and has a heated, in-ground pool with waterfall and spa, three-car garage, camera security system and a media room with a 10-foot ceiling.

Schiano left the New Brunswick, New Jersey, school after posting a 68-67 record in 11 seasons. He led the program to its first postseason bowl victory and a No. 12 final national ranking in 2006, the highest ever for the team. The Buccaneers went 7-9 in his first season in the NFL.

To contact the reporter on this story: Curtis Eichelberger in Wilmington, Delaware at ceichelberge@bloomberg.net

To contact the editor responsible for this story: Michael Sillup at msillup@bloomberg.net

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