Schiano Repays $300K Rutgers Loan

Former Rutgers football coach Greg Schiano has paid off the remainder of a no-interest home loan with the school.

Schiano, who now coaches the Tampa Bay Buccaneers in the NFL, sent a $300,000 check.

The Star-Ledger reports Rutgers loaned Schiano $800,000 in 2007 to help build a home across from the football stadium in Piscataway. The school forgave $100,000 of the no-interest loan each year that he remained coach.

Schiano owed Rutgers $300,000 when he left for the NFL last January.

His custom-designed five-bedroom Colonial has been on the market for more than nine months. The price has been slashed from $2.3 million to $1.95 million. The property taxes are $24,000.

(Copyright 2012 The Associated Press. All Rights Reserved)